How Do I Record Terms of a Will in a Deed?
Full Question:
How would the following clause from my father's will be recorded in a real property deed? Can the life tenant sell the property if it's a life estate?'I give all of my right, title, interest in the real property which i occupy as my primary residence, namely the property known as, (address removed) Barnegat, NJ, or if i sell said property then all of my right, title and interest in the real property which i occupy as my primary residence at the time of my death, including all buildings and improvements thereon and all rights and easements appurtenant thereto and all rights that i have under any related insurance policies, to my wife (name removed), if she survives me, to have and to hold the same for and during her lifetime, without the necessity of paying rent or furnishing bond or other security therefor, but subject to and upon the condition that she pay all real property or similar taxes(not estate or inheritance taxes), assessments, carrying charges (including fire and extended coverage insurance premiums on the buildings and fixtures at the full insurable value thereof) and normal costs of maintenance and repair in respect thereof. My wife shall not be liable for waste and shall have no duty to account to the remainder-man. Upon the death of my wife, or upon her earlier disclaimer, renunciation or relinquishment of her interest in said real property, or upon my death if my wife does not survive me, I give said real property to my then living issue per stripes as tenants in common.My wife may sell said real property and invest and reinvest the proceeds without joiner or consent of the remainder-men and a purchaser may deal with her as if she owned said real property in fee simple, but she shall have only a life estate in the proceeds. My wife may rent and alter or improve said real property as my wife deems appropriate, and my wife may encumber said real property to provide funds chargeable to the remainder-men. Questions concerning the management of said real property, including without limitation the allocation of receipts and disbursements, the payment of any mortgage or encumbrance, and the cost of alterations and improvements between the life estate and the remainder-men, shall be governed by the rules applicable to legal life estates, or, if those rules do not address a particular question, by the rules of law applicable to the income and principal of the property held in trust, and my wife shall have all of the powers a trustee would have in dealing with said property.'
02/10/2010 |
Category: Real Property ยป Deeds |
State: New Jersey |
#20908
Answer:
A life tenant can sell or mortgage his or her life interest, but the interest sold or mortgaged is limited to the lifetime of the seller or mortgagee. Although the life tenant can sell the life estate, the buyer would have ownership rights only as long as the original life tenant lived.
I suggest calling the land recorder's office in the county where the property is located to inquire if they will accept a copy of the will for filing, or allow it to be attached to the deed. Filing requirements vary by local office. Typically, if the state allows a will to be filed, it's at the local courthouse.
