Q: Do I need legal document living with wife and sister in law in family home wife sister 50/50 split estate.
Sister in law is executor of will, mother died in 2017, will not settled yet. Worried about paying property taxes, school taxes, home repairs with 50/50 split, etc. Part of estate includes land rented to farmer so money comes in to estate now. Worried sister in law will not provide information of the money coming in as rental.
Do I need a legal document setting up responsibilities of future expenses once will is settled?
A: You (and your wife) need legal documents (including a Deed) to close the Estate and make sure all Inheritance Taxes were paid so you end up with clear title to the property. You should also have an agreement between your wife and your sister- in- law to manage the property. Your wife and sister- in- law will be partners after the Estate is closed and sister-in-law no longer in charge of property after the Estate is closed.
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