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

Thu Feb 15 16:21:21 PST 2024

Maybe some sort of a covenant restricting the use or transfer that expires
on a given date? Or a fee simple determinable? (Going deep into the cobwebs
of my law school memory on that one)

Craig

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of msafren at jennylinglaw.com
Sent: Thursday, February 15, 2024 4:16 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>; 'WSBA Probate
& Trust Listserv' <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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