Whether or not a life estate could be revoked would Depending upon the nature of the damage and the response of the life tenants. The tenants would need to be allowed sufficient time to reinstate the property to its original condition before any rescinding action could be taken.
It can be released in writing by the life tenant and the release recorded in the land records will clear the title.
It would have to be terminated by a court order.
A life estate can be terminated by a release in writing by the life estate holder. The release must be recorded in the land records to clear the title.
The remainderman has full vested rights in the property.
Yes. The remainders actually own the fee in the property. They have the right to have the property maintained in good condition by the life tenant. If the life estate holder is wasting the property the remainders can sue in court to have the life estate terminated. Upon the death of the life tenant or the release of the life estate they will have the right to full use and possession of the property.
A Life Estate is not terminated until the end of that person's life. However, depending on the wording of the granting document, it may have a clause in it that specifies that it is valid as long as the individual wishes to live there. A person with a real Life Estate could move out and rent the property. Check the documents that granted to right to see if there are limitations.
A life estate is not affected by a divorce unless that was made a condition when the life estate was granted. The grant would need to state the life estate would be terminated in the event of a divorce. If there was no limitation in the original grant then the life tenant has the right to the use and possession of the property for the duration of their natural life. They would need to sign a release to extinguish the life estate.
Seek legal advice from a law professional as laws differ in states and countries
A life estate is canceled by the death of the life estate holder or by a written instrument signed by the holder that surrenders their rights in the property. In Massachusetts the life estate holder signs a deed to release their rights. In cases where the original grant contained reversionary language and the conditions have been violated the life estate would be extinguished. In that case a written notice to that effect would need to be recorded to clear the title to the property. If a reversionary clause is used in the grant you should also set forth in the grant how the life estate will be terminated if the conditions are violated.
No. Possession of the property has nothing to do with how long a life tenancy lasts. The "life tenant" (who is the owner for life) could be in a nursing home, in prison for life, living in Antarctica for 50 years, whatever. The life tenancy, by definition, does not ordinarily terminate until the person whose life measures the estate ownership passes away, in fact, or has been deemed by a court to have passed away, in law (e.g., missing at sea for 7 years, or perhaps brain-dead for 2 years). However, a life estate can be transferred to others, and may be terminated if the "others" in the transfer happen to be exactly the same people who would ordinarily get it after the life tenant's death.
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
Yes. The trust can name any number of trustees and if there is more than one it must state whether the trustees must all execute any documents together or have the power to sign documents independently.
When someone with a life estate remarries, it can complicate the ownership rights and future disposition of the property. The new spouse may have certain rights or claims on the property depending on the laws of the jurisdiction. It is recommended to consult with a legal professional to understand how the remarriage may impact the life estate.
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.