Legal Question in Wills and Trusts in Virginia

Re: Will

The language you have quoted is standard verbiage used in a will to grant a particular person(a beneficiary) the right to use real property(most likely a house)as well as the household furnishings in the house for the period

of this person's life(till he/she dies)and which is otherwise known as a life estate. A grantor

using this particular language in his/her will, referencing a "remainder interest.....to my daughter" means that this daughter is then to inherit the real estate and household furnishings

upon the passing of the holder of the life estate.

The 51% and 41% ownership bequests should be self-explanatory. (If you have further questions or concerns you may wish to hire an

attorney for about an hour of her/his time who is knowledgeable in wills, trusts and estates, and probate matters in general and who should be able to answer your questions in more detail.)

Re: Will

This means someone, for the life of him/herself (or another)gets to use the furniture and occupy the real estate--after the "someone" dies, the remainder goes to the daughter. The business is divided between wife & daughter with wife getting 1% more than half.

I can be reached at 703-915-1401 if you have further questions.

RJS

Re: Will

The other attorneys have accurately answered, but I will add a little to my colleagues.

The language is slightly confusing taken out of context.

The holder of the life estate actually OWNS the house and all of the belongings during his or her life, just like normal ownership -- almost. The holder of the life estate does have an obligation not to commit what the law calls "waste" -- which means that the life tenant can use the property fully... but must still try to preserve it for the remainderman, here the daughter. This distinction can be a little tricky. Normal wear and tear is expected. But any major, unnecessary, negligent, or willful destruction or damage to the property would be harmful to the interests of the daughter, who becomes the actual owner after the life tenant's death. So the life tenant actually owns the house and contents... but can only use it consistently with normal wear and tear.

What if the life tenant wants to renovate the house or change it? Tricky. Maintaining or improving the house is allowed. Destroying it is not, obviously. Changing its sentimental or asthetic qualities might be something that the daughter could object to, successfully, in court. An extreme and silly example, which illustrates the point, would be converting a house into a night club or even just a small office building. Changing the character of the house dramatically would require the remainderman's approval (the daughter).

The life tenant CANNOT borrow money on the house (except if there is already a mortgage on it) because the life tenant will not own the house one second longer than his or her life. At least, any mortgage lender would be a fool to loan the money. I have seen it happen. To refinance the house, both life tenant and daughter could jointly agree, and then it should work out fine.

At the instant of death, the life tenant no longer owns the house or contents. It becomes the same as if he or she NEVER owned it at all. It is NOT part of his or her estate. It does NOT go through his or her will. It does NOT go through probate. And the house and contents are NOT taxed as part of his or her estate taxes. At the instant of death, he or she no longer owns it, and therefore it is NOT part of his or her property in his or her estate.

I don't understand your question about the business, because the meaning seems rather obvious. Is there some other question about this that I missed?