Legal Question in Wills and Trusts in New Jersey
Does she own the house or just live there?
I am one of 4 children. My mother is planning her will, and wants to leave our family home to our youngest sibling, who has always been down on her luck and is the only one who does not have her own place (she lives with Mom and her own daughter). Mom wants my sister and her daughter to live there as long as they want, but if they choose to move, they must sell the house and the proceeds get divided equally among the 4 of us. Mom thinks this sister can be the deed-holder, and still dictate what happens to the property after her (Mom's) death. Is this true? Or if sis gets the house (and the deed), she can do what she wants, including keeping any sales proceeds? Thanks!
2 Answers from Attorneys
Re: Does she own the house or just live there?
I agree with Mr. LeVine. This is a difficult area, even when all parties are "on the same page"...it becomes even more difficult when they are not.
Another option is for your mother to direct a sale in her will and keep the one sister's share in trust for her...with the money being used for her support (housing expenses, etc.).
Re: Does she own the house or just live there?
I suggest that this be done by Will rather than a Deed, but in either case it should be prepared by an attorney. There are many ramifications to creating a life estate, imposed on other children, so many details need to bhe covered, however it is done. Items like upkeep and costs need to be specified (who pays real estate taxes, property insurance, ordinanry repairs and maintenance, major repairs