Legal Question in Wills and Trusts in Florida

life estate vs ownership

my parents jointly owned a condo. mom died, dad remarried. dad died, new wife has life estate. wife pays taxes and maintenance. will states only life estate not joint ownership of condo with dads heirs. pre-nup states the same. county clerk lists owner as (above) parents. tax dept states tax payer (new wife) as owner. wife wants to sell property and divide 4 ways. is she entitled to a share? who owns property?


Asked on 10/14/03, 1:37 pm

2 Answers from Attorneys
Marie-Anne Oatley

Re: life estate vs ownership

It sounds as though she has a life estate, you and possible siblings have a remainder interest, which becomes possessory at her death, and County records were never changed to reflect the changing of ownership. If probate admininstration is closed and the proper documents executed, the records can be changed. As for the IRS, they are probably only preoccupied with whoever carries the tax liability, which, right now, would be the holder of the lifetime estate.

Read more
Answered on 10/14/03, 2:34 pm
David Slater David P. Slater, Esq.

Re: life estate vs ownership

The children own it but no one would buy it during the life estate's tenancy. You may want to buy her out.

Read more
Answered on 10/14/03, 5:06 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Florida