In: Accounting
In 1978, Ben Charles and his wife, Florence; their son, Daniel; and Daniel's wife, Denise, acquired title to a 5000 acre farm. The deed ran to Ben Charles and Florence Charles, the father and mother, as joint tenants with the right of survivorship, and to Daniel Charles and Denise Charles, the son and his wife, as joint tenants with the right of survivorship. Florence Charles died in 1988, and Ben Charles married Ingrid Charles two years later. By his will Ben Charles left his entire estate to Ingrid Charles.. When Ben Charles died in 2001, Daniel and Denise Charles assumed complete control of the farm. State the interest in the farm, if any, of Ingrid, Daniel, and Denise upon death of Ben Charles. Please discuss.
Ans:-
Here four peoples of the family had purchased 5000 acre farm. They are Ben Charles and his wife with joint tenants with right of serviovership and there son Daniel and his wife Denise with right of serviovership.
Right of serviovership is the serviving owner automatically absorves denaing owner's share of property.
Here the four peoples jointly purchased the property and one should not sell or distribute to others without the approval of the ramaining parties.
So, in the given situation Florence Charles died on 1988 and Ben Charles married Ingrid Charles two years later . By his will Ben Charles left over his entire estate to Ingrid Charles and he is died in 2001.Now these remaining parties including Ingrid Charles.
Hence the assumption of Deniel Charles and his wife Denise Charles over the complete control of the farm is not tainable and Ingrid Charles also has a right towards the farm because Ben Charles by his will transfered whole property to her.
So, Daniel Charles and his wife Denise Charles and Ingrid Charles have common control on the property farm. And the assumption of Daniel and his wife Denise Charles is wrong related complete control of the property.