In: Finance
At the time of his death Jason had the following assets:
• Home owned jointly with rights of survivorship with his wife Sally, valued at $500,000.
• Stock account in his individual name, valued at $250,000.
• Life estate received from his mother, Judy, in a family vacation home. The home is worth $1,000,000. Jason’s sister Toby is the remainder beneficiary.
• IRA worth $750,000. His wife Sally is the primary beneficiary.
Who will receive the family vacation home?
There can be two scenerio's here.
(1) If there is a will by mother Judy :
As per the will, Vacation home must be transferred to the nominee. If mother Judy chooses daughter Toby as the nominee of the property, It will be directly transferred to her. If Judy chooses son Jason as the nominee then on his death. His wife sally will become the legal heir of the property and it will be transferred to sally.
(2) If there is no will by mother Judy :
In case of no will by mother Judy, both son and daughter will become the legal heirs for the property as per the laws of the country. On the death of son Jason, his wife sally be the new legal heir for the property. Hence both Sally and Toby are legal heirs for the vacation home property and it will be bifurcated between them as per rules and regulations of that countries law. Generally it will be divided equally between all the legal heirs. So, In these case both Sally and Toby will receive property worth $500000 each.