Legal Question in Real Estate Law in Massachusetts
My father had a "life estate" deed to his home naming myself and two sisters as remaindermen "as joint tenants with right of survivorship". He died two years ago and the property is just now ready for sale. One sister died three months ago. My other sister insists that she and I now own the property equally, and our deceased sister's children have not claim on it. This seems wrong to me because had we sold the property shortly after our father died, all three of us would have received a share. Am I right?
1 Answer from Attorneys
First, I am sorry for the loss of your father and your sister.
Legally, you are wrong and your sister is correct. Until the property is sold, if one of the joint tenants dies, the other joint tenants own their interest in the property.
In terms of fairness to the family as a whole, you have the better argument.
If you sell the home as a matter of law, you and your sister divide the net proceeds. If you want you can gift 1/6th of your proceeds to your sister's children, that would be half of the 1/3rd your other sister would have received. If you decide to make such a gift consult with an attorney or CPA before doing so.
If the property had been deeded to the 3 of you as tenants in common, then your sister's children would own her 1/3rd.
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