Legal Question in Real Estate Law in Wisconsin
Estate & Property
Person A(elderly mother) lived with person B(adult daughter). Bought a house which ''A'' gave large Down Payment and ''B'' got small loan. Property was deeded in only ''B'''s name as agreed by ''A'' with understanding verbally that after her death the house equity would be spilt with 6 childern including ''B''. Will states any property own is to be split amoung childern. ''A'' passed and house is under contract. How can we transfer property or money from sale to estate with only ''B'''s name on deed? Total estate of ''A'' is under $100,000 including house equity.
1 Answer from Attorneys
Re: Estate & Property
Unless "B" agrees to the transfer, it would appear that such cannot be effected since she is the sole owner of record of the property and "A" never owned any property at her death since her name was apparently never on the deed, and thus there would be no property from "A" in her estate in which the other beneficiaries named in the will could share.
A "verbal understanding" in regards
as to how the accumulated equity in such a property as described is to be split among designated beneficiaries means virtually nothing in this situation. The deceased mother (in my opinion) in effect gave her equitable share in the property only to "B" by allowing only her ("B's) name to appear on the deed and to no other heirs.
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