Hi,
I'm co-executor with my brother administering our Mom's will. The first instruction in the will bequeaths to my brother her residence (New York), its furnishings and personal property to have and hold during his life. He is responsible for taxes, insurance and maintenance, but is not responsible for waste. Upon my brothers death the will states the house goes to me. The will does not attach any other contingencies or rights to my brother relative to the house and property so, for all practical purposes, this appears to be a straight forward Life Estate. My brother is the life tenant and I am the remainder man.
The difficulty is that my brother first thought the house was his and he could sell it and buy a house of lesser value which would eventually revert to me. After some factual conversation, he now thinks he can decline the Life Estate, sell the house and split the proceeds with me. His justification is that the Life Estate was "not executed" and, as such, it does not exist making the house a part of the remainder of the estate and subject to equal distribution.
Nothing in the will commingles the house and property with the assets that my Mom left my brother and me equally, so I do not think my brother is correct about how he wants to handle the house. Does the statement that the Life Estate was "not executed" make any sense? Can a life tenant refuse Life Tenancy and then claim half ownership of the house. If a Life Tenant declines his tenancy does the house immediately revert to the remainder man? What value does a Life Tenancy have?
A bunch of questions, but any help would be appreciated.
Thanks

