Posted on: 18th Jul, 2011 01:43 pm
Spouse died Oct., 2010. His will gave me, his widow, a life estate in our home. There are three adult step-children. I have four adult children. Initially, my husband and I made a large down payment, with each of us putting in approx. the same amount of money. We purchased this home in 2004, so my husband lived in the home for just over six years. His will states his children are to receive half of the proceeds from the sale of the home, or in the event of my death. If I continue to make the mortgage payments and live here for maybe 10 more years, would his children still receive one half of the proceeds from a sale? Or, would they receive just the amount of funds their dad actually put into the home before his death?
Hi lucyemtodd!
Welcome to forums!
As your spouse's will states the fact that they will receive half of the proceeds, it will be honored and they will claim the same though you live in the property and make the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your spouse's will states the fact that they will receive half of the proceeds, it will be honored and they will claim the same though you live in the property and make the mortgage payments.
Feel free to ask if you've further queries.
Sussane
It's pretty clear to me that they'll share in half of the proceeds, which is essentially what your husband would have received in the event of a sale during his lifetime.
