How do we handle home that was willed to grandchildren, but son allowed to live in it?

Question

My grandmother left her house, owned in the clear to my brother and I, via a living trust. However, she stipulated that her son could live in the home until he dies or chooses not to.

Assuming this is all legal and above board, as executor of the estate, how do I handle the deed to the house now? Does the house remain in the name of the trust? or in the grandchildren's name?

Who "owns" it now?

How do we pay property taxes on it?

any advice or direction would be really appreciated, thanks!

Answer 1

Get legal advice.  Sure way to solve your property dilemma.

Answer 2

The son gets a life estate, you and you brother get the title less the life estate.  The son can give up the life estate through a deed.

Now that you have got free legal advice, I recommend you consult a real attorney who will tell you that while this will work, there may be a better way for you to go.

Answer 3

The property should remain in the name of the trust.  The trust must pay the property taxes.  You should have an attorney to consult for these trust questions.