Legal Question in Wills and Trusts in Wyoming
What does the Will Mean?
The will of my grandfather reads: ''To A1, daughter, a life estate in such property with sole right of possession during her lifetime. To B, C, & D, grandchildren, the remainder interest in such property, in equal shares, as joint tenants with right of survivorship.'' My question is does this mean we (the grandchildren) have an ''interest'' now or is it upon our mother's death that we then control the property? There is no other information in the will other than this paragraph about the property. Please let me know where we stand right now as far as what we may or may not be able to do with the home. I can provide any other information that may help answer this question. Thank you in advance for your help with this.
2 Answers from Attorneys
Re: What does the Will Mean?
The grandchildren have a remainder interest only, they have no interest currently. Before you take any action, you are advised to seek the advice of a qualified trusts and estates lawyer.
Life Estates
Louise Aron
Attorney at Law
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LawGuru User
Dear LawGuru User:
I don't have enough information to conclusively answer this question. All the terms of your grandfather's will need to be examined together.
However, a life estate is ownership during life. Until the owner of the life estate dies, the beneficiaries who will own the property after such owner dies have no interest.
That said, if you believe the life estate owner is allowing the property to deteriorate, or if there are other problems with the property, you and your siblings should seek legal advice to determine whether action can be taken to ensure that the property retains its value.
Thank you for using LawGuru.
Sincerely,
Louise Aron
Attorney at Law
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