Posted: 2/23/2011 3:20:40 AM EDT
|
Howdy everyone. My grandfather died last year & I am concerned things were not properly handled w/ his "estate" (it wasn't much of one!). Approximately 10 months before he died, his will was changed/refiled & the executor was changed from my Dad to "Aunt1" (who hadn't seen him in 15 years but that is beside the point). It is interesting what death/money does to a family.
Before his will was changed, he had Aunt1 added to the deed on his house. Not sure why this was done, you all probably know something that I don't. Taxes? His house was NOT owned free/clear - there was a 25k mortgage still on it. The house is worth approximately $125k. In his will, he left 40% to Aunt1, 30% to Dad and 30% to Aunt2. After his death, Aunt1 got tight-lipped about things & my parents did not hear anything from them except for a check in the mail (their portion...) for $168.00.  She told my dad @ the funeral that her daughter would be moving into the house & continuing to pay the small $25k note that was/is on the house.
My questions are - Because Aunt1's name was on the deed, does this make it her house to do whatever she wants with? Or, does she only have partial ownership in it? She (Aunt1) told Aunt2 she is selling it to her (Aunt1) daughter. I'm wondering if the profit from this sale is hers or does it have to be divided among the heirs still? How long can this process be drawn out? Does Dad/Aunt2 have any say in the decisions of what to do with this property? Can they force a sale? House/Death/Will/Aunt1/Aunt2 were/are in Pennsylvania... -AA |
| I think I may have found the answer to my question. I just pulled a copy of the deed on his house & found that he added Aunt1 to his deed a year before his death & they were both listed "as joint tenants with the right of survivorship". I'm guessing that this means the house became 100% hers (and not within his estate at all) after his death? |
|
Quoted:
I think I may have found the answer to my question. I just pulled a copy of the deed on his house & found that he added Aunt1 to his deed a year before his death & they were both listed "as joint tenants with the right of survivorship". I'm guessing that this means the house became 100% hers (and not within his estate at all) after his death? That would be correct. She gets the whole house no matter what the will says. If it was just joint tenants without 'rights of survivorship' the will would rule. The other method allowed in some states is 'joint tenancy by the entirety' but is restricted to married couples. The fictitious legal person of 'John & Sue Smith' owns the property, and it cannot be divided. It means that a debt or legal issue against one of the parties cannot be applied to the property. When either dies the survivor becomes the sole owner. |
|
Indeed, because with a joint tenancy with rights of survivorship, the house is not part of the estate at all. The house becomes property of the surviving joint tenants at the moment of death.
By the way, above someone stated that "joint tenancy" without "right of survivorship" does not act this way. This is not true in many states where "joint tenants" is assumed to mean with rights of survivorship. "Tenants in common" is how one has ownership with another with one's own ownership becoming part of one's estate at death. |
|
Quoted:
Indeed, because with a joint tenancy with rights of survivorship, the house is not part of the estate at all. The house becomes property of the surviving joint tenants at the moment of death. By the way, above someone stated that "joint tenancy" without "right of survivorship" does not act this way. This is not true in many states where "joint tenants" is assumed to mean with rights of survivorship. "Tenants in common" is how one has ownership with another with one's own ownership becoming part of one's estate at death. Correct. Joint tenancy has built-in survivorship. Tenants in Common do not. |
|
Quoted:
Howdy everyone. My grandfather died last year & I am concerned things were not properly handled w/ his "estate" (it wasn't much of one!). Approximately 10 months before he died, his will was changed/refiled & the executor was changed from my Dad to "Aunt1" (who hadn't seen him in 15 years but that is beside the point). It is interesting what death/money does to a family. Before his will was changed, he had Aunt1 added to the deed on his house. Not sure why this was done, you all probably know something that I don't. Taxes? His house was NOT owned free/clear - there was a 25k mortgage still on it. The house is worth approximately $125k. In his will, he left 40% to Aunt1, 30% to Dad and 30% to Aunt2. After his death, Aunt1 got tight-lipped about things & my parents did not hear anything from them except for a check in the mail (their portion...) for $168.00. She told my dad @ the funeral that her daughter would be moving into the house & continuing to pay the small $25k note that was/is on the house.
My questions are - Because Aunt1's name was on the deed, does this make it her house to do whatever she wants with? Or, does she only have partial ownership in it? She (Aunt1) told Aunt2 she is selling it to her (Aunt1) daughter. I'm wondering if the profit from this sale is hers or does it have to be divided among the heirs still? How long can this process be drawn out? Does Dad/Aunt2 have any say in the decisions of what to do with this property? Can they force a sale? House/Death/Will/Aunt1/Aunt2 were/are in Pennsylvania... -AA this appears to be your parents' issue, not yours. |
While everyone is focusing on the house, take a look at the rest of the post - apparently, the entire estate, aside from the house, was only worth $560 (x30%=$168). 
Remember that the house is only that - the house. NOT the furniture, NOT the guns, NOT the car, NOT the coin collection, etc. I'm guessing that the OP's grandfather had $600 in his checking account, and the aunt took 6% off the top as executor (PA law), and then distributed the rest of the cash and is calling it a day. #1) Ask to see a list of assets belonging to the estate. As executor she is required to make that available. If there's anything missing from the list, demand an accounting. #2) Your Dad needs to decide how much he likes his sister. This will determine if a estate lawyer needs to get involved. Because if one does, they will never, EVER, speak to each other again. This last part is important. I'm convinced that my SIL played fast and loose with my FIL's estate (She had power of attorney while he was still alive AND was executor of the will AND administrator of his trust), but my wife finally asked me to drop it because she is the sister that's physically closest. And my wife knew that if she cut me loose she'd have to visit her sister in jail instead of just across the river. Tell your Dad to choose wisely. |