Many Florida estate owners leave property to their loved ones through a last will and testament. A trust can also provide for the automatic transfer of the property included in the trust to a designated beneficiary upon the death of the trust creator. Sometimes, disputes about real estate may arise between family members that cause legal problems during the probate process.
A man whose father owned high-net-worth real estate is currently entangled in a legal dispute with his mother and sisters regarding various real property parcels. The terms of a marital trust provide that he is to inherit ownership of 11 of the properties upon the death of his mother. The man claims that his mother wrote several checks for substantial amounts of money to his sisters out of the marital trust fund. He also asserts that the money was never placed back into the trust, as required in accordance with an agreement with the IRS, and that this may ultimately reduce the value of the estate due to his mother’s mismanagement of funds, since it could cost the estate millions of dollars in estate taxes.
The son claims mismanagement of funds could spur financial loss
The asserts that it would be unfair to incur a potential economic loss due to a reduction in the value of the estate caused by his mother’s failure to fulfill her obligations under the marital trust. All told, the trust positions the son to inherit 11 out of 13 real estate properties upon the passing of the surviving spouse. Because of the legal issues the situation has spurred, he is asking the court to replace his mother and one sister as trustees.
When real estate and inheritance converge, complex issues may arise
The real estate dispute between the man and his family members will be sorted out in court. In the meantime, there may be Florida residents experiencing similar legal problems regarding inheritance and real estate. Anyone facing such problems will be glad to know that there is legal support available to help protect his or her interests, especially if a case involves family members and efforts to resolve an issue out of court have been unsuccessful.