Legal Question in Wills and Trusts in Massachusetts
My Wife and I jointly own our house of around $700k value with a remaining $300k mortgage. My wife does not work and I pay all bills including the mortgage. It is a second marriage for both of us and we have a Pre-nup which states in the event of divorce we both get 50% of house value.
My question is...I have recently found out that my wife has written a will leaving all her property to her only daughter ( 23 years old). In the event of her death will I have to sell the house and give half of the proceeds to her daughter? or as her surviving spouse does the property transfer to me?
2 Answers from Attorneys
I would have to review the pre-nup and the title to the home. If the home is held as tenants by the entireties then the home passes to the survivor of the two of you. in that case you would NOT have to buy out your step-daughter.
If the Pre-nup says nothing about what happens if one of you dies, then the holding of the home by tenants by the entireties will be to the benefit of the survivor.
I suggest you contact an attorney and have your pre-nup and the title to the home reviewed.
There may be things you will nee or want changed.
Thanks for your question.
As Attorney Roth points out, it is necessary to review the parties' premarital agreement in order to provide a helpful answer. If your prenuptial agreement spells out what is to occur in the event your marriage is terminated by death, look to that provision. If the premarital agreement is silent on the rights of the parties upon death, then the will and form or real estate ownership controls distribution.
Assuming the parties are all alive and well, now is the time to revisit your premarital agreement, how your assets and property are titled, and your estate planning goals together with counsel and each other.