My question involves estate proceedings in the state of: Minnesota
Looking for opinions on the proper calculation of the following agreement concerning division of real estate held in trust(names changed).
I'll skip the recitals which describe the real estate location, proclaim the parties Larry and Mary wish for this agreement, and proclaim the parties parents mom and dad wish for this agreement.
The parties Sam and Lisa agree as follows: (verbatim)
In the event that the life estate in the above described real estate to mom and dad should end, and the parties decide to sell the real estate described herein, Larry shall be entitled to and equal division of the proceeds plus an additional $10,000.00. The additional $10,000.00 is pursuant to the wishes of mom and dad
Considering the above language and for ease of calculation assume the real estate sold for $110,000 with net proceeds of $100,000. How much do you think Larry and Mary each get? Also in your opinion whats the likelihood that this agreement signed by five parties (two interests) was misunderstood?
Looking forward to your reply
Looking for opinions on the proper calculation of the following agreement concerning division of real estate held in trust(names changed).
I'll skip the recitals which describe the real estate location, proclaim the parties Larry and Mary wish for this agreement, and proclaim the parties parents mom and dad wish for this agreement.
The parties Sam and Lisa agree as follows: (verbatim)
In the event that the life estate in the above described real estate to mom and dad should end, and the parties decide to sell the real estate described herein, Larry shall be entitled to and equal division of the proceeds plus an additional $10,000.00. The additional $10,000.00 is pursuant to the wishes of mom and dad
Considering the above language and for ease of calculation assume the real estate sold for $110,000 with net proceeds of $100,000. How much do you think Larry and Mary each get? Also in your opinion whats the likelihood that this agreement signed by five parties (two interests) was misunderstood?
Looking forward to your reply
Trust Administration: Dispute Concerning Division of Real Estate at Termination of Trust
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