Question

Larry and May own real property equally as tenants in common. Larry dies and in his will, he gave his real property to Kari. Who is the owner of the property?

Answer 1

According to law, the gift in lifetime means that the asset is legally owned by the person who receives the gift. But in this case, Larry has died and had left his assets behind which has to be distributed according to his will statement and the residue will belongs to his family members. The first thing here is the inheritance tax payment on these assets must be paid by the Owner Kari to have the right to use this asset.