Legal Question in Wills and Trusts in Georgia
Real Estate Law vs. Probate Law
My wife and I each have children from a former marriage. Our single most
valuable asset is our home. In our wills, we have each stipulated that upon either of our deaths that the children of the decedent shall inherit the decedent's ownership rights to the home with the surviving spouse receiving
a life estate in the roperty. In the event the surviving spouse sells the property,
the children of the decedent would receive 50% of the net proceeds from the sale.
Our potential problem is that my wife and I hold title as ''Joints Tenants''.
My question is ''does the right of survivorship inherent in Joint Tenancy trump the provisions of each of our wills?'' If so, can we change the title to our property to ''Tenants in Common''?
Thank You for your help
1 Answer from Attorneys
Re: Real Estate Law vs. Probate Law
The deed prevents the wills from doing what you want them to.
The deed potentially could be changed, and there are a myriad of pros and cons to what you want to do that require some consultation with a lawyer. (For one, a life estate generally is not marketable via sale).
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