QUESTION
Can brother takes moms money and buy house?
Asked on Sep 28th, 2013 on Estate Litigation - New Jersey
More details to this question:
Mother diagnosed with altizmers in July. My brother is the executor of the living trust. He said he was taking 300,000 of moms money and buying a larger house for his family and my mom he said 100,000 will be put in trust for health care. My brother said I am not entitled to any money but the trust says half.
1 ANSWER
2 Awards
This is a very complicated issue. Your brother, as the trustee is supposed to do what is in mom's best interest. If that is living with him, then that's fine, but he should be preserving her assets. If he is going to use mom's money to buy a bigger house, then he should be a joint owner with the trust, to keep mom's money segregated from his. However, the difficulties will arise when mom dies, and then you become a beneficiary of the trust, and therefore own a portion of his house. EVeryone in this situation should proceed with caution as he is going down a path that could lead to the parties that are involved being treated inequitably.
Answered on Sep 29th, 2013 at 6:00 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship