Being on the board of a co-op or condo is a big responsibility—one that shouldn’t be taken lightly. While some people may run for a board seat just to have the title, they need to be prepared to govern fairly and make decisions that are in …
I would like to establish a revocable living trust and place my co-op apartment in the trust. This will avoid probate for my heirs. My co-op board is unwilling to agree to my request. I have not been given a reason for this. How can I convi…
Q I believe that owners have a fiduciary responsibility to the association, as they are held in a public trust of that association just like board members. The responsibilities and duties of owners in a homeowner association are outlin…
When co-op and condo owners plan their will, or a prenuptial agreement, their condo or co-op unit naturally comes into play as an important asset. Often, it’s no problem—the owner leaves the apartment to his or her spouse. It’s especiall…
Q My wife and I own the shares for our co-op apartment jointly. We wish to establish a revocable living trust for our assets and the apartment. Our co-op board is unwilling to make the transfer to the trust. How can we convince the boar…
Planning for what happens to your estate upon your death is never a pleasant chore, but if you own property of any kind, that planning is an vital responsibility. While there are many aspects and legal mechanisms that can be considered…
Can a designated trustee of a co-op apartment serve as a member of a co-op board in any role? —Upper East Side Shareholder A “The general answer to the question is yes provided that the bylaws of the corporation or th…
When a client hires a general contractor to build or renovate property, that company is legally responsible for completing all of that work. The contractor may go out and hire different companies or subcontractors to help execute that wo…
Q My parents are both in their seventies and have begun setting their financial affairs in order. They have put whatever assets they own, such as cars, stocks and bonds, into their family trust in order to simplify their estate and avoi…
Most of us don’t like to spend a lot of time contemplating our so-called “final wishes”—we’d much rather leave planning our wills and executing our estates for another day. Uncomfortable as the subject is for many people however, it’s …