My question involves real estate located in the State of: virginia
My mother passed away 2 years ago. Her will was created shortly before she died and in it she bequeathed the right to occupy or rent her (mortgage-free) home and land to her recent husband. After he dies the property goes to the 3 of us surviving siblings equally. In the will the verbiage states: "My spouse shall pay all costs to maintain the property, including, but not limited to, real estate taxes, assessments, insurance premiums, and ordinary repairs".
The spouse is now balking at cost and inconvenience of maintenance and repairs although he was also given a significant sum of money with which to do so upon her death. The siblings do not feel it is fair for us to sustain this burden since he was given such a large amount with which to do so. Upon investigation, the cost of repairs had been deemed to be well below the cost of renting or mortgaging a similar home. However, knowing that the devil is in the details, the wording above "including but not limited to" would seem as though he would be required to pay?
If it is mutually agreeable with him, how do we go about legally removing him from life estate and calculating his "share" of the home? I have read that it is customary to use an actuary table to do this? We do not want to sell property right away but would like to potentially keep it in the family and rent it.
Thank you for the advice.
My mother passed away 2 years ago. Her will was created shortly before she died and in it she bequeathed the right to occupy or rent her (mortgage-free) home and land to her recent husband. After he dies the property goes to the 3 of us surviving siblings equally. In the will the verbiage states: "My spouse shall pay all costs to maintain the property, including, but not limited to, real estate taxes, assessments, insurance premiums, and ordinary repairs".
The spouse is now balking at cost and inconvenience of maintenance and repairs although he was also given a significant sum of money with which to do so upon her death. The siblings do not feel it is fair for us to sustain this burden since he was given such a large amount with which to do so. Upon investigation, the cost of repairs had been deemed to be well below the cost of renting or mortgaging a similar home. However, knowing that the devil is in the details, the wording above "including but not limited to" would seem as though he would be required to pay?
If it is mutually agreeable with him, how do we go about legally removing him from life estate and calculating his "share" of the home? I have read that it is customary to use an actuary table to do this? We do not want to sell property right away but would like to potentially keep it in the family and rent it.
Thank you for the advice.
Life Estates: Dissolve Life Estate
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