My question involves estate proceedings in the state of: Florida
My father passed leaving a will. Aside from insurance policies he no longer had at death, he "bequeath(ed) the rest, residue & remainder of property, real, personal", etc., in fee, to his children. He "specifically, bequeath(ed) Life Estate in favor of" his ex wife whom he divorced in the 80's, but spent the past 17 years living with. Will further states, " She shall remain in sole possession of the home until she decides to move, is ordered to move by a court of competent jurisdiction or dies."
She is up there in years living on a fixed income and cannot afford to maintain & live in the home and has decided to move. She will receive a sum of $ not mentioned in the will that was promised her. We have been advised to have a legal document drawn up showing an exchange of her rights to Life Estate for this $ and have her sign a quit claim deed giving us possession of the home. We're told to do the exchange now.
Since she was left Life Estate in a will, is probate necessary to have her name put on the deed? Unsure how that is supposed to happen. She cannot quit claim deed of something she is not legally in possession of so the quit claim cannot be filed until then? Meaning it won't be vested until it is? Does assuming the property before her death change tax liability for the siblings regarding step up basis and capital gains? (Why?)