Legal Question in Wills and Trusts in Connecticut
My mom owns a vacation home in another state with my aunt. They are in their 80's with varying health issues and husbands who never saw eye to eye. Long term it is the heirs intention to sell this vacation home - but not now due to slumping market conditions as well as capital gains taxes if we sold now. Home's value when the 4 inherited the home was @$300,000. Fair market today is @$700,000
The title is joint survirorship - - do we need a trust or partnership agreement going forward? If the answer is yes is it best to get legal council in the state where the home is?
2 Answers from Attorneys
You aren't entitled to the home until they both die.
If it's in survivorship, then when the first dies, the one still alive will own all of it. What I can't tell from your question is who are the "heirs" to whom you refer? Are they all your mother's children? Are some your aunt's children? Do all the heirs agree? The problem is, if the "heirs" are all your mother's children, and mom goes first, it's all an academic exercise because the aunt will take all of it. If the aunt goes first, then it will go to mom and then it will, at some point, pass through her will. Having a partnership agreement at this point seems premature.
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