Legal Question in Wills and Trusts in Florida

Property

My mother's husband passed away 12/29/02 (this was a second marriage for each). In his will he left his condo in Florida to his children with the right for his surviving wife to purchase the property. The value of the property was assessed last January 2003 for $56,000. The estate is still not settled (his son is the executor) and some of the children insisted that the property be re-assessed. The value of the property has increased to probably $70,000. Which assessment is valid? Shouldn't the assessment made just after his death be the one on which the property is valued? Thank you for your consideration of this question.


Asked on 1/29/04, 7:48 pm

1 Answer from Attorneys
Frank J. Pyle Probate Attorney Throughout Florida

Re: Property

Assuming this was his home at his death, unless there was a valid pre-marital or post-marital agreement, it probably doesn't matter. Without such an agreement, the will is disregarded, and his home passed life estate to his wife, with a remainder to his children on her death. Thus, she would be buying out the children's "remainder interest". If there were such an agreement, or if this was not his home, then a court would have to interpret the meaning and intent of the decedent as expressed in the will. It certainly is logical that she would purchase it at the value at the time the transaction is closed. If not covered in the will, then the will was not very well drafted.

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Answered on 1/29/04, 9:31 pm


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