Legal Question in Wills and Trusts in Florida
Greedy siblings
My husband's elderly mother is running out of money. His brother and sister have bled her dry through the years. She has no 'liquid' assets (according to them). She owns a house worth 2 million which she has in her will provided to his sister (who has absolute control over the mother) and 2nd house worth about 150K which she has in her will provided to his brother. The Mom resides in another residence on the beach which she has in a life Estate; beneficiary upon death to be for all three kids. The brother and sister are trying to get the beach/life estate sold so that the mom can live on those monies and not hamper their respective slices of pie. The life estate may be liquidated to support the Mom, but only in the event her assets are all gone. I argue that the assets aren't all gone, the brother and sister simply won't let their inheritances be dwindled and would rather con my husband into signing off his share of the only thing he might get (ie; the third of the beach/life estate)
He is kindly and willing to sign off to help his mom even though it will mean he gets nothing. Will the law allow her to liquidate a life estate for support when she truly has other assets? What should he do, he has been railroaded his life.
2 Answers from Attorneys
Re: Greedy siblings
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He should not agree to give up his right to the remainder interest in this situation. With the assets that mom has, there are other ways to raise money including mortgaging one of the properties without having to sell the beach house. He should review this matter with an attorney in order to ascertain his rights and responsibilities.
Scott R. Jay, Esq.
Re: Greedy siblings
Hell:
I just read your post. I need to be brief as I don't have all of the facts and I would have questions of my own. Basically, it sounds like no one but her can sell her life estate (unless she gave someone power of atty. to make decisions for her). She can sell her life estate for a sum, but where will she live? Also, selling her life estate will not change your husband's right to his interest in the remainder (1/3 of the value of the property), unless she has a right to sell the entire property. Also, she could change her will if she desired. 'Hope this helps. Tom Rosenblum
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