Reference no: EM133291452
Assignment:
Jack and Jill Oxford are a married couple. They jointly own a vacation home in Rhinelander, Wisconsin. They purchased the home in 2002 for $250,000. They still owe $50,000 on the mortgage. Jack and Jill have five adult children: Andy, Bill, Charles, Diane and Ed.
Jack and Jill prepared a will that left the vacation home to the 5 children upon their death. The vacation home was assessed in 2021 at $500,000. Jack passed away January 13, 2022.
What type of ownership did Jack and Jill have?
Now that Jack has passed away, who owns the property? Why?
What is the equity in the home?
Assume Jill passed away on February 13, 2022. The 5 children inherited the vacation home.
- What type of co-ownership do the children have?
- Ed moved to California 10-years ago. He has no interest in the vacation home as he has not been to Wisconsin since moving away. What is his share of the property?
- Ed wants the cash value of his share. The other four children enjoy the use of the vacation home and they collectively want to retain ownership. What option(s) are available to the 4-children that want to retain ownership?
- Can Ed force a sale of the property to get the cash value of his share? If yes, why?
- Diane prepared a will February, 16, 2022. Diane is not married. She left her share in the vacation home to her two children, Fred and George. Diane passed away unexpectedly on March 1, 2022. Assume Ed and the others still own their shares. Who are the owners of the property?
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