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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.
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoYes, unless the grantor prohibits such transfer in the original transfer document (Trust, Deed, etc.) However, when the original grantee dies the life estate expires.
Wiki User
∙ 11y agoIt can be sold, but it is still subject to the life estate.
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My boyfriend died and is letting me live in his home. it is a life estate So my life estate has a value based on my age and value of this home. If the house is sold do I get the life estate value?
No. However, you continue with your life estate. Whoever purchases the home is essentially betting on you dying early because the house is sold subject to your life interest. You can convey your life interest to someone else if you want to make some money off of the property, but once again this interest would probably not capture alot--as they would be purchasing an interest in the property subject to the length that you live. After which the property reverts back to whomever your boyfriend assigned the remainder interest to.
Life estate does your spouse have interest in it?
A life estate is based on a specific person's life. If they are not named in the life estate, they have no interest. They can claim the right to use the life estate as long as the individual is still living.
What if the beneficiary consent to the sale of property which is subject to a life interest?
A life estate, like any other interest in land has value. It can be sold or traded, or simply given up, if the holder so wishes.
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent 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.
Can a lifetme right in an estate be sold?
Yes, a life estate can be sold. It is a very challenging thing to value. The monthly value has to be determined, the expected life of the life estate holder also has to be estimated.
Life estate put in more then one name can home be sold?
A property that is encumbered by two life estate cannot be sold or refinanced without the written consent of the life estate holders.
Can a remaindermen sell life estate property in South Carolina?
A person with a remainder interest can sell their interest. However, the property remains subject to the life estate until the life tenant dies or releases their life estate in writing.
Can property in a life estate be sold to an outsider?
The fee to the property can be sold but only subject to the right of the life estate holder to the use and possession of the property.
In a life estate does the remainder man inherit the property?
The remainderman can sell their interest as a remainderman in the property subject to the life estate. The life tenant has the right to the use and possession of the property for life.
Is a life estate a freehold estate or a less than freehold estate?
A freehold estate is a right of title characterized by two features: it is an interest in land and the interest is not of a fixed duration.In the United States a life estate is a freehold estatealthough the ownership is of a limited duration. That duration can be measured by the life of the life tenant or of another person. When the measured life ends the life estate expires.A life estate in England and Wales does not create a freehold estate.
If a person has lifetime rights to property designated in deed can property be sold without that persons consent and signature?
The property can be sold but the new owner would take title subject to the life estate. The interest of the life tenant wouldn't change. In order to sell the property free of the life estate the life tenant would need to consent to the sale by joining in the deed.
