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Subject: question: regarding will codicil rss

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Mac Mcleod
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So a friend of mine is going to be left some property but there's a stipulation she can't sell it for 10 years in the holographic will.

They can't afford the property taxes. And would likely lose the property.

Is the codicil likely to be enforcible if they are the executor of the will?

Is there some way around this? Seems like a real poison pill.



 
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maxo-texas wrote:
So a friend of mine is going to be left some property but there's a stipulation she can't sell it for 10 years in the holographic will.

They can't afford the property taxes. And would likely lose the property.

Is the codicil likely to be enforcible if they are the executor of the will?

Is there some way around this? Seems like a real poison pill.





You should call Handel on the Law.
http://www.handelonthelaw.com/
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Ken
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Get a lawyer. Anybody who want to try to answer here could actually get in trouble (practicing law without a license). And only a lawyer that's actually working in that jurisdiction is likely to be able to answer.
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Robert Wesley
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Have them "give it away" unto someone ELSE that then can "sell it off" with a 'seller's fee' as recompense overall. IANAL yet 'moi' does OWN "Verdict II" and even "The Perry Mason Game". whistle
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Josh
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Well, I just learned a new legal term.

I was imagining something more... Futurama-y.
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Robert Wesley
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JoshBot wrote:
Well, I just learned a new legal term.

I was imagining something more... Futurama-y.
robot ~"TECHNO-codicil Corrector" WERE utmost 'cromulent'!
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R. Frazier
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Look for someone who will take on the representation on contingency.

Also I would suspect that even if you couldn't sell it you might be able to lease or rent it for enough to pay the property tax, and if you can't well it may have a negative value so maybe your friend is better off?

Good luck and also the above is not intended as legal advice to you, your friend or anyone else and you should definitely have your friend hire a lawyer and take that person's advice.
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Les Marshall
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perfalbion wrote:
Get a lawyer. Anybody who want to try to answer here could actually get in trouble (practicing law without a license). And only a lawyer that's actually working in that jurisdiction is likely to be able to answer.


YES.

I practiced law in California and handled some estate matters tangential to my main area of practice. Trusts and Wills are particular to each state and you need someone versed in Texas law. (They will also likely need to consult a CPA as this may have significant impact upon their state and federal tax forms).
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Mac Mcleod
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I appreciate the caveats but if they could afford a lawyer, they could probably afford the property taxes.

My thought was, if there is no one interested except the two children and one of the children is the executor then it will probably slide by. The parent hasn't hired an independent executor.

The property has a reasonably substantial value but at the same time, not that substantial.

The last three times they've tried to deal with lawyers, they ended up getting ripped off by the lawyers and not getting their issues addressed. Which is part of why they can't afford property taxes now.

I'm not personally involved- I was just asked if I knew anything about it and I thought of here since I know almost nothing.
 
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Ian Liddle
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They might be able to look into a reverse mortgage, or something informal / similar. Find an investor.

Usually property taxes aren't very much compared to the market value, so I'd expect that getting a loan to cover the cost wouldn't be too difficult with the property as collateral.

Consider, what's the worst that could happen if they don't pay? The government would put a lien on it. Not all that different an outcome as getting a loan, really.
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rico
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maxo-texas wrote:
I appreciate the caveats but if they could afford a lawyer, they could probably afford the property taxes.

My thought was, if there is no one interested except the two children and one of the children is the executor then it will probably slide by. The parent hasn't hired an independent executor.

The property has a reasonably substantial value but at the same time, not that substantial.

The last three times they've tried to deal with lawyers, they ended up getting ripped off by the lawyers and not getting their issues addressed. Which is part of why they can't afford property taxes now.

I'm not personally involved- I was just asked if I knew anything about it and I thought of here since I know almost nothing.
I see similar questions asked & answered over in the reddit personal finance subforum. Might want to give it a try...
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Ken
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maxo-texas wrote:
I appreciate the caveats but if they could afford a lawyer, they could probably afford the property taxes.


Huh? Having a lawyer talk to them about this would probably be $100-200. Having a lawyer file some form of suit or challenge might get pricey.
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Walt
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Could give it to charity and deduct the value.

Could get a loan on it to pay the taxes.

Could rent it to pay the taxes.

Depends on what the property is, of course.
 
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There are charities etc that help people get lawyers for civil matters when they cannot afford them. Contact one. You really do need a lawyer in a situation like what you describe, Mac.
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J.D. Hall
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My wife is the executor of her maternal grandfather's will, which includes an extremely modest estate. In his Trust, he came up with the most bizarre method of distributing the contents of his home: all six grandchildren and his daughter will draw lots, and going in numerical order, each person can pick one item, then the next and so on and so forth. Consider this was a 97-year-old man who had lived in the same home since 1938, and you can imagine the amount of items (really, mostly junk) in the home. We talked to a lawyer (the one who drew up the will and the trust). He suggested she sell every possible thing she could and divide that equitably among the surviving relatives, but cautioned that we had to have permission to do that. All of the other survivors agreed -- except my worthless brother-in-law.

These kinds of things are tricky. I would suggest looking for some kind of pro-bono legal representation to find a way around it. I don't think that a will can actually force someone to bankrupt themselves, but I'm not sure.

Good luck to them.
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remorseless1 wrote:
My wife is the executor of her maternal grandfather's will, which includes an extremely modest estate. In his Trust, he came up with the most bizarre method of distributing the contents of his home: all six grandchildren and his daughter will draw lots, and going in numerical order, each person can pick one item, then the next and so on and so forth. Consider this was a 97-year-old man who had lived in the same home since 1938, and you can imagine the amount of items (really, mostly junk) in the home. We talked to a lawyer (the one who drew up the will and the trust). He suggested she sell every possible thing she could and divide that equitably among the surviving relatives, but cautioned that we had to have permission to do that. All of the other survivors agreed -- except my worthless brother-in-law.

These kinds of things are tricky. I would suggest looking for some kind of pro-bono legal representation to find a way around it. I don't think that a will can actually force someone to bankrupt themselves, but I'm not sure.

Good luck to them.


That is too funny. I once had a version of my will that had something similar, but for my game collection - at the time was around 700 titles.

During our annual will review, which we do before taking long, international trips, my wife handed my sections back to me and asked in a manner that only a wife can exhibit... "You think this is too complicated? Especially for friends and family that may be in mourning?"

Message received. I then changed it to a simple liquidation and split, but if any of my friends wanted to request one title, that the executor would try to honor that request.

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MGK
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I could answer the question if they lived in Ontario, but they don't, so: they need an estate lawyer living locally in the area; estate law varies very wildly between jurisdictions
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Mac Mcleod
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perfalbion wrote:
maxo-texas wrote:
I appreciate the caveats but if they could afford a lawyer, they could probably afford the property taxes.


Huh? Having a lawyer talk to them about this would probably be $100-200. Having a lawyer file some form of suit or challenge might get pricey.


Every time they've gotten a lawyer involved, it's been much more expensive than that. I think the least expensive was $600.
 
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Ken
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maxo-texas wrote:
Every time they've gotten a lawyer involved, it's been much more expensive than that. I think the least expensive was $600.


Hard to really judge - the hours and expertise required are pretty key. If you want the attorney to review the documents and give an opinion, that'd take longer than holding a strategy session where you discuss options to explore with the executor.

If money's very tight, look for the assistance services that lots of organizations provide. Just contacting the state bar would probably give you some options to explore.
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Mac Mcleod
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I'll pass along the info along. Thanks!
 
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