my dad’s will
I am durable power of attorney for my dad and his house is in my name by way of a life estate. In his will he has my sister and my brother as being entitled to equal shares of his estate. I have lived in the house for 2 and a half years and have done major repairs and improvements. I have paid the property taxes and also have an 18 month old daughter living there. the house was put in my name before the will was made and I have been the one caring for my dad for over 5 years. Upon his death will I have to sell the house and divide the money between siblings?
Re: my dad’s will
I agree with Debra if, as you stated, the Deed is in your name alone, but only subject to a life estate in Dad. The Will only operates on individually owned assets in the decedent’s name, not on assets registered jointly (unless they were intended to be accomodation accounts – Dad put your name on an account with him only so you could access it to assist him). those payable to a designated person (like life insurance or POD accounts), or anything gifted to someone previously (this has a few exceptions depending when the gift was made).
Walter LeVine
Walter D. LeVine, P. A.
23 Vreeland Road #102
Florham Park, NJ 07932
Re: my dad’s will
If the house is in your name then it will not be considered part of the estate upon your Father’s passing.
You already own it with your Father retaining a Life Estate interest. That Life Estate (and your durable POA)terminates upon his death.
Your Father’s estate will consist of those assets NOT in joint title with another. Such as a bank account, car, stocks, etc.
Debra Palazzo
Law Offices of Debra Palazzo, LLC
317 Elwood Ave.
Hawthorne, NY 10532