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When my husband I were married recently, he had the deed to his house changed. I now have a life estate to the property at his death with his 2 daughters and 2 stepdaughters as the remainders. After realizing that this was not exactly what he wanted he would like to do away with the lifes estate and the remainders and just add myself and the 2 daughters names to the deed. Is this reversible and how does he go about it? Your help would be greatly appreciated. Lanie:)
He can change it, but would need all parties on the current deed to sign off. So his two daughters and stepdaughters will need to sign off for the new deed ( *** depends on the exact way it was written)
You will need to take this to the real estate attorney who drew this up and let him walk you though changing it.
Remember when he dies, the two daughters can try and force you to either buy out thiere 1/2 or force you to sell the house.
I really don't think this is the best way to do it.
Also what about the two step daughters??
Often he could consider setting up some life insurance for a value to equpal the value of the home, in the daughters name, and allow you to have the house, thus everyone wins.
A good estate planning would help you all.
Quote:
Originally Posted by lanie4322
Right now everyone on the Deed would have to sign off and then a new Deed filed - it might give you a taste of what you're in for if/when he passes, whether the daughters and stepdaughters will sign off now. You certainly should consult an Attorney.
I don't like the "yourself and his 2 daughters" on the Deed because estates do strange things to people and you could find yourself living in your car.
Why doesn't he just Deed the house in your joint names and "give" them something else?
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