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Family's Homestead and New Law - Is it Fair?
June 3, 2011 - Sylvia Heldreth
The new homestead law that will go into effect on October 1 gives a surviving spouse the choice to either live in the marital home in a life estate for the rest of their life or to choose to become "tenants in common" with the deceased spouse's heirs, usually children of a previous marriage. The survivor could force a sale of the house and receive 50% of the proceeds. This means that the deceased spouse's heirs could lose half of the value of their family home to someone who may not have been married to their parent for very long. Some say this is fair. Others, not.
What do you think?
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