[WSBAPT] [WSBARP] Any suggestions or thoughts on how to preserve a family's wishes for the care of a property?

Thu Feb 15 17:17:12 PST 2024

The problem with the request is “without creating problems for the next generations”.  I have done both LLCs and Trusts but my engagement language is very clear that there has to be some mechanism to allow folks out – I had one client say, you can be bought out at the value of your interest as of the date of the initiation of the trust and other formulas.

While run is one answer, I sort of like educating folks on this topic of pros and cons.  For what it is worth, I generally prefer the LLC route.

Diane J. Kiepe
Douglas Eden, P.S.
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sullivan, Brett
Sent: Thursday, February 15, 2024 5:08 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Cc: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBAPT] [WSBARP] Any suggestions or thoughts on how to preserve a family's wishes for the care of a property?

Paul, you can take all of my upvotes for this post. Plus extra credit for the Monty Python quote. Well said.

Brett T. Sullivan
Attorney at Law
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On Thu, Feb 15, 2024 at 4:56 PM Paul Neumiller <pneumiller at hotmail.com<mailto:pneumiller at hotmail.com>> wrote:
In the words of Monty Python “RUN AWAY - RUN AWAY!!!!”

Or better yet, here is a response on the listserv to a similar question about a family cabin in 2019:

“There ain't no such animal, but I just love that client's request. "I want you to make an agreement to cover every contingency and avoid any conflicts between me and my 14 relatives who all own 7% of the family cabin, and we all have different ideas about how to use it and when, and I haven't spoken to cousin Bob for 10 years but he's going to have an interest as well and I just want him to pay his fair share even though Bob is just a sponger and never contributes money, and he shouldn't be allowed to use the cabin unless he pays his share but he should still have his interest though we should be able to take it away from him if he doesn't cooperate, though Bob's son is a good guy and we'd probably transfer it to him, except we don't want Bob's wife to ever have an interest so it needs to be kept as separate property."
"Oh, and it needs to be simple, just a few pages. I don't want some 27 page document full of lawyer talk."
And then, usually,
"Eight hundred dollars! That is way too much for such a simple document."
For what it's worth:
NOLO Press has a "Saving the Family Cottage" book that might help the client recognize that they can have a simple agreement or an effective one, but not both.

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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of msafren at jennylinglaw.com<mailto:msafren at jennylinglaw.com>
Sent: Thursday, February 15, 2024 4:16 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>; 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBARP] Any suggestions or thoughts on how to preserve a family's wishes for the care of a property?

Hello Listservs,

I’ve been asked by a family that owns a property to help them manifest their wishes to sustain and preserve a house and real estate in accordance with their wishes that the property stay within the family for the next generation’s use and so on.

The family has two adult children who don’t live or use the property currently, but the family wants to have some control over how the property is used, cared for, and kept in the family for future generations, without being too inflexible that it creates a problem for the surviving generations.

I’ve thought about placing the property into a trust, but that may be too inflexible and a certain point would need to be distributed out to future generations.

We’ve thought about creating an LLC and having an operating agreement that sets forth the principles and rules as to how to care and control the property, but future generations can just amend the operating agreement and remove any of the rules that restrict the use or mandate the care for the property.

If anyone has any suggestions or ideas, I’m open to all input.

Thank you in advance!

Kind regards,
Michael S. Safren, Esq.
Attorney at Law
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