QUESTION
life tenant on deed decides to sell home with consent from tenants in common. Does he get all the proceeds?
Asked on Feb 05th, 2014 on Estate Litigation - New Jersey
More details to this question:
My father changed the title of his property by adding on his 2 children on the title. He was named life estate and the children were tenants in common. This was to avoid probate at the time of his death. He needed to sell his home to go into a senior's residence and sold the property with the consent and signatures of all 3 parties. The proceeds of the sale went to him as it really was his home and the intent was not to all the children access to this asset until his death. Is this legal or should the children been given their interest in the property at the time of the sale.
1 ANSWER
2 Awards
The way that the profits from the sale were distributed is perfectly fine. If one of the children objected, the child would have had to show that he or she contributed to the purchase or upkeep of the house. As you said, the names were put on the deed to avoid probate, not because nay party had an interest in the property.
Answered on Feb 10th, 2014 at 11:57 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship