Living Estate

shirld42September 12, 2007

Can anyone help me with this? My brother and wife bought a home app. 14 yrs. ago and the deed was in both names. There also was added a "living estate" interest which she was the remainder person. She had 2 children, not his, which they raised.They lived in Fl. all of those yrs.She passed away app. one and half yrs. ago without a will. In Fl. the spouse usually receives property when no will.He wants to sell the house but does not know how it is effected by this living estate or if that no longer holds since she passed. Can anyone fill me in about this as he can not afford legal advice at this time.How can he sell the house?

Greatly appreciated, Shirley

Thank you for reporting this comment. Undo

I don't know what a living estate is, but there is a living trust or something like that and a trustee would have taken over and dealt with her things. I know in this state it depends how the deed is titled. When my husband died everything was in both our names with right of survivorship. It went to me automatically, his kids had no claim on it. He needs to talk to an estate attorney and usually the first consultation is free. If it was titled like ours he just has to take copy of the death certificate to the court house and have her name removed. I have a feeling it is not titled like ours because she had a living estate. If she had died without a will or living estate, it would go half to her kids and half to her husband unless it was titled with right of survivorship.

    Bookmark   September 13, 2007 at 3:23PM
Thank you for reporting this comment. Undo

I'm no expert, but this is what I understand from setting up my own 'living trust', which this sounds like.
Your brother's wife was probably the initial Trustee of her own estate, with the power to use and dispose of the assets as she wanted. Upon her death, the 'Successor Trustee', who should have been named in the trust document, is responsible for disposing of the trust assets as the trust document directs.
Your brother needs to find/read the trust document and have the 'Successor Trustee' take appropriate action. If the 'Successor Trustee' is not available/willing to do this, the court will have to appoint someone.
An initial visit with a Trust/Estate Attorney is usually without charge, so your brother should make an appointment with one, take the estate documents he can find and ask for advice as to how to proceed.

    Bookmark   September 13, 2007 at 5:51PM
Thank you for reporting this comment. Undo

I've never heard of a living trust made for a man and wife. All they have to do is put the spouses name on the accounts, homes with survivorship and no need for a living trust. Living trusts are what my family use, so I know a little about it's use. A trip to the court house with a death certificate would let him know if he could sell the house.

    Bookmark   September 13, 2007 at 9:59PM
Sign Up to comment
More Discussions
Experience as a 1-car couple?
We moved into a new home (my first real house with...
Investing for your Future
I'm wondering if most people today hire financial planners...
Private College Savings - How much is enough?
We have approximately $62,000 saved in a 529 plan for...
refinancing a home
Just learned my interest is 5.25 on our home morgage....
Any advice for a lady whose husband hides $?
I am a widow and used to doing for myself. I have a...
Sponsored Products
Doughnut Jerry Table Lamp by Robert Abbey
$368.50 | Lumens
Antique 6 Lights Black Iron Chandelier with Glass Shades
Hudson Cafe Counter Stool - Licorice - Set of 2 - CASN070
$280.00 | Hayneedle
Hubbardton Forge Corona 35"W Smoke 6-Light Chandelier
Lamps Plus
Anna French Yellow Chevron Fabric Accent Chair
'Peace' Wall Art
$6.49 | zulily
Montmartre Arm Chair in Mustard
$164.99 | Dot & Bo
Patio Living Concepts Outdoor Lighting. Catalina Black Umbrella Table Outdoor La
Home Depot
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™