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Can a husband and wife own property together with life estates?
Wiki User
∙ 12y ago
You do not own property when you have a life estate. A life estate provides you with the rights to the use and possession of the property for the duration of your natural life.
If a married couple are older and want to avoid probate but remain in their home they can transfer their property to their adult children and reserve life estates in the deed. They would no longer own the property but they would have the right to life use as expressed above. The children would own the property subject to the life estates.
You do not own property when you have a life estate. A life estate provides you with the rights to the use and possession of the property for the duration of your natural life.
If a married couple are older and want to avoid probate but remain in their home they can transfer their property to their adult children and reserve life estates in the deed. They would no longer own the property but they would have the right to life use as expressed above. The children would own the property subject to the life estates.
You do not own property when you have a life estate. A life estate provides you with the rights to the use and possession of the property for the duration of your natural life.
If a married couple are older and want to avoid probate but remain in their home they can transfer their property to their adult children and reserve life estates in the deed. They would no longer own the property but they would have the right to life use as expressed above. The children would own the property subject to the life estates.
You do not own property when you have a life estate. A life estate provides you with the rights to the use and possession of the property for the duration of your natural life.
If a married couple are older and want to avoid probate but remain in their home they can transfer their property to their adult children and reserve life estates in the deed. They would no longer own the property but they would have the right to life use as expressed above. The children would own the property subject to the life estates.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYou do not own property when you have a life estate. A life estate provides you with the rights to the use and possession of the property for the duration of your natural life.
If a married couple are older and want to avoid probate but remain in their home they can transfer their property to their adult children and reserve life estates in the deed. They would no longer own the property but they would have the right to life use as expressed above. The children would own the property subject to the life estates.
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Your husband is the grantee in a deed where the grantors reserved life estates and one has died. What rights does he have to the property?
The remaining life tenant has the right to the use and possession of the property for life. Upon the death of the remaining life tenant your husband will own the property absolutely, free of the life estates.
My husband and i live with my mother we have a life estate on our deed for her protection. In order to refinance the mortgage we have to remove it. Can we put it back on after we close.?
Probably not, check your mortgage for what can be done with the property. Lenders do not like property encumbered with life estates.
Does a stepfather have rights to property if mother had a life estate?
No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.
Which is better a life estate or an enhanced life estate?
An enhanced life estate gives the life tenant the power to sell and mortgage the property. A conventional life estate grants only the use and possession for life. However, enhanced life estates are not available in every jurisdiction. Florida is one where enhanced life estates are recognized. You should discuss it with an attorney who specializes in real estate.An enhanced life estate gives the life tenant the power to sell and mortgage the property. A conventional life estate grants only the use and possession for life. However, enhanced life estates are not available in every jurisdiction. Florida is one where enhanced life estates are recognized. You should discuss it with an attorney who specializes in real estate.An enhanced life estate gives the life tenant the power to sell and mortgage the property. A conventional life estate grants only the use and possession for life. However, enhanced life estates are not available in every jurisdiction. Florida is one where enhanced life estates are recognized. You should discuss it with an attorney who specializes in real estate.An enhanced life estate gives the life tenant the power to sell and mortgage the property. A conventional life estate grants only the use and possession for life. However, enhanced life estates are not available in every jurisdiction. Florida is one where enhanced life estates are recognized. You should discuss it with an attorney who specializes in real estate.
Can you be removed from the property of my deceased husband's life estate?
Yes. If your husband was the sole owner of the life estate then it was extinguished when he died.
What is Per stirpes with regard to life estates?
Per stirpes is a method of distributing property or assets. In the context of life estates, per stirpes means that upon the death of the life estate holder, the property or assets will be passed down to their descendants in equal shares. If a descendant has already passed away, their share will be distributed to their own descendants. This method ensures that the property or assets are distributed among the descendants of the life estate holder.
Who is entitled to proceeds if all life estate heirs agree to sell property?
If the life estate holders agree to allow the property to be sold then they mush sign the deed and by doing that they will relinquish their life estates. The proceeds from the sale will go to the remaindermen who own the fee interest in the property. In order to encourage the life estate holders to relinquish their life interest the remaindermen may offer a part of the proceeds as an incentive.You should seek the advice of an attorney who can review your situation and explain the options.
Is there a way to calculate two life estates granted in the same will?
A life estate is measured based on the life of the benificiary and is applied to whatever property they got the grant in. If two people are given a life estate in the same piece of property, it will be measured on the life of the longest living one. You could have any number of people given a life estate in a trust or property.
Is DC a dower state?
Dower is the provision which the law makes for a widow out of the lands or tenements of the husband for her support. Or a widow's life estate interest in her husband's real property if he died intestate.DC is not considered a Dower state. See related questions.The repeal of dower was part of the Omnibus Trusts and Estates Amendment Act of 2000 (D.C. Law 13-292)
What does life usage of a house mean?
In law that type of right is called a life estate. With a life estate arrangement someone else is the actual owner of the property and the life estate holder has the right to use and occupy the property for the duration of their natural life. The property is encumbered by the life estate until the holder dies or releases it by a signed release. There are varying state laws that govern life estates and the obligations of each of the parties.
Can a person who only has the right to the exclusive possession use and enjoyment of property sell the property?
You seem to be describing a life estate. The holder of a life estate in real property cannot sell the property because they don't own it. They can transfer their life interest to another person but it would still end upon the death of the original holder. The exception is states that allow "Enhanced Life Estates". Florida is one example. The owner of an enhanced life estate can sell the property.
My Husband gave lifetime interest in a home he died i inherited property do i have to grant the life interest?
Let's back up a little and clarify this situation.Your husband owned the property. In his will he granted someone a life estate and devised the property to you in fee or as a remainder person. The life estate was granted by the owner of the property. The property is subject to the life estate. You have no power to change it. In order to release the property from the life estate you would need to obtain a release, in writing, from the life tenant.You should consult with an attorney who specializes in probate and real estate law who can review your situation and determine what your options are.
