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Laws vary from state to state regarding the responsibilities of a life tenant. Generally, the life tenant has the responsibility for paying taxes, insurance, utilities, general maintenance and upkeep and other expenses. However, This is a sticky situation because if the life tenant does not pay property taxes the town can take the property for delinquent taxes. If the property isn't properly insured, there could be a loss in case of a fire or severe storm. Therefore the fee owner should always be actively involved in protecting their property.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoWhen there is a life estate who pays the mortgage
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If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
Who pays the property taxes on life estate?
The owner of the life estate.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
Who pays your debts when you die?
Your estate, which consists of all of your property as well as any life insurance. If anything is left over from your estate, it is typically distributed among those you assign in your will, or your heirs, if any.
Who pays for the physical that is required by a life insurance company?
Life Insurance Company
If you are beneficiary of life insurance policy is the administrator of the estate supposed to get your money?
Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance
Who pays for the funeral if the person has life insurance?
The insurance company.
What if the executor doesn't pay the beneficiaries of a life insurance policy?
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
If a life estate state in the will that the life tenant only pays xx per month for taxes of the home and the remainderum pays any amount above that for maintenancetaxes is this a legal Life Estate?
yes it is yes it is
Is life insurance consideredpart of the estate?
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
What has the author James C Munch written?
James C. Munch has written: 'Life insurance in estate planning (Little, Brown estate series)' 'Life insurance in estate planning' -- subject(s): Estate planning, Law and legislation, Life Insurance, Taxation
Who is real estate title insurance paid to?
There are two general types of policies, or combinations: lender's insurance (which pays the lender to cover its loss in security interest) and owner's insurance (which pays the owner in case of defective title).
