Found an issue on this page? Let us know and we will look into it as soon as possible.
Are will stipulations legally binding? Can I protect my children while giving land to grandchildren?
Anonymous13 views4 answers
To paraphrase: I hereby give my land to my (now toddler) grandchildren in a trust, provided they allow their parents (who are in debt) to live on the land indefinitely and not sell the land as long as their parents live there. If the parents ever become financially stable and move, or anything unthinkable happens to the parents, the grandchildren are free to do with the land what they will.
As a side-question, if I perish before my grandchildren are 18, can my children live on my land until the trust is given to my grandchildren? Who has legal ownership in the interim until a trust is enacted?
very good questions and yes you can leave a life estate to your children while gifting a remainder interest to your grandchildren. you really should retain trust counsel to draft a trust agreement that provides what you want....the devil is in the details. good luck.
You can accomplish what you are seeking to do by setting up a trust. The trust could be established now or set up in your will to take effect upon your death. Other factors will play into which would be better. You'll want the advise of an estate planning attorney to set this up appropriately to accomplish your goals.
Henry S. ClapperPersonal Injury LawyerGalena, MO ·
You may certainly devise an estate plan which will accomplish the purposes you have outlined. You should be sure to consult an experienced estate planning attorney, since the language used in your documents needs to be very specific in order to correctly address the various possibilities you have set out.
