0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
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.
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.
Can a husband and wife own property together with 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.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.
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.
Which is not an example of intellectual property?
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.
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.
You granted life estates to your two boys. You realize that you made a mistake. Can you give someone or one son a life lease on the whole place?
Yes. You could grant a life lease to one son or another person, however, it would be subject to the life estates. Both sons have an equal right to the use and possession of the property for the duration of their natural lives under the life estates you granted in the past. The only way to extinguish a life estate is for the holder to release it in writing and the release must be recorded in the land records. Perhaps you could offer to buy the life estate from the son you wish to exclude now.
What are Chattels under the Administration of Estates Act 1925?
Chattels, movable property or personal property.
How do you find out about your deceased grandparents' estates and deeds?
For estates, you can check the name index in the probate court where they lived. You could also check under their parents and grandparents names for older estates whereby they may have inherited property. For property acquired by deeds you can check the records at the local land records office.For estates, you can check the name index in the probate court where they lived. You could also check under their parents and grandparents names for older estates whereby they may have inherited property. For property acquired by deeds you can check the records at the local land records office.For estates, you can check the name index in the probate court where they lived. You could also check under their parents and grandparents names for older estates whereby they may have inherited property. For property acquired by deeds you can check the records at the local land records office.For estates, you can check the name index in the probate court where they lived. You could also check under their parents and grandparents names for older estates whereby they may have inherited property. For property acquired by deeds you can check the records at the local land records office.
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.
