Q: If house is left as a life estate and then split 3 ways if she leaves, whose name goes on the deed and insurance policy?
My dad passed this year. According to his will, he left his house to his gf as life estate. If she decides to leave, we are to sell and split 3 ways (her, myself and my sister). I haven't heard anything about whose name the deed goes in, who is responsible for insurance policy and whose name the policy should be in. Am I, as a co-owner, supposed to be on the deed and the insurance policy?
Was the Will Probated? If not, it has no effect. If Probated, the Executor supposedly must sell the home if she leaves prior to death. The proceeds would be disbursed according to the Will Devise. The Deed would be from the
the three Remaindermen over to the purchaser. I do not recommend the Executor conveying as the Executor unless all three Remaindermen will not execute. Taxes and Insurance will need to be paid by someone, which may or may not recoup their expenses at sale.
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