Estate question

[Bobtheicon]

My stepson's uncle (75yrs old) has a brain tumor and is scheduled for surgery Thursday. He has been given a 50% chance of survival.
He (the uncle) currently lives in a 2-story 7-bedroom house on a half acre of land in West Virginia (very rural area). The house is paid for but for some reason the deed to the house is in my stepson's name. I couldn't guess the value of the house or its furnishings.

My stepson is currently unemployed (as far as the government is concerned) and is staying at my house for now (in Tennessee).

Are there any legal actions my stepson should take? Any tax issues he should be concerned with? I guess my question is - what should he do if/when the uncle dies?

Should he just go to WV and contact a Real Estate agent? Then have an estate sale? Any tax issues here?

[Keith]

Bob--I do not know the laws of West Virginia, but if he already owns the house outright, then he need not do anything. You did not indicate whether or not the Uncle has a "life estate" (allowing him to live in the house for his lifetime). If he does, and he does not survive, then a certified death certificate should enable the step-son to sell the house and give clear title to any purchaser. If he holds a "life estate" and he does survive, then for obvious reasons, he cannot sell the house.

[Bobtheicon]

Thanks Keith. Is the "life estate" a document of some kind? - or just a living arrangement?

[Keith]

Originally Posted by Bobtheicon

Thanks Keith. Is the "life estate" a document of some kind? - or just a living arrangement?

it would be specified in the deed itself. From what you descibed, I would think it was likely that is what is in effect here. The Uncle transfers ownership, but makes sure that he gets to live there for the rest of his life. Otherwise, your step-son could've sold the house right out from under him.