My uncle (85 yrs old), a Floridian resident, and his wife own a condo in Florida free and clear of any mortgage. He has 3 daughters with his first wife; no children with his second wife of 20 years. Upon his passing, he wishes to leave the condo to his three children, but desires his wife to live in the condo (she's 80 years old) until her death. In other words, he wishes for hi wife to enjoy a life estate, and upon her death, to sell the condo and distribute the proceeds to his 3 daughters. Everyone is fine with the concept.
However, since the deed is in both of their names, she would enjoy a life estate anyway. The problem seems to be that she does not have a will and my uncle's daughters know nothing of any of her relatives or her intentions. Am I correct in taking the position that upon her death that my uncle's daughters will not receive any benefits from the condo, and that the proceeds will go to my uncle's wife's relatives? Would it be best if the two of them signed a will together leaving their assets to the three daughters? By the way, the condo is worth about $400 and my uncle's other assets are only worth about $200,000 . . . mostly stocks.