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?
2 Answers from Attorneys
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.
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.
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Attorney-In-Fact/Personal Representative I understand that an... Asked 10/14/03, 10:00 am in United States Florida Probate, Trusts, Wills & Estates