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Do you have to live in the house you have a lifetime estate to?
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∙ 10y ago
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What is the difference between a will and a life estate?
A will is a legal document that outlines how a person's assets are to be distributed after their death, while a life estate grants someone the right to use and enjoy a property during their lifetime. In a life estate, the individual has the right to live in the property or receive income from it, but ownership reverts to another party upon their death.
What happens if the house burns down and you live there under the life estate law?
If the house burns down while you live there under a life estate, you would typically still have the right to live in the property for the duration of your life estate. However, any insurance proceeds or rebuilding of the house would likely be determined by the terms of the life estate agreement and the ownership of the property.
Are life estate and life use the same thing on property?
Yes, a life estate and a life use refer to the same concept of granting someone the right to use and/or live on a property for the duration of their lifetime. This arrangement typically ends upon the individual's death or as specified in the terms of the grant.
I have been given my mothers home by deed she has a lifetime dowry can I change the locks on the house?
If your mother has a lifetime dowry in the house, you may not have the right to change the locks unless it's explicitly allowed in the terms of the dowry. It's best to review the legal documents and possibly consult with a lawyer to ensure you are acting within the terms of the dowry agreement.
Can medicaid take my house when I die?
Medicaid can place a lien on your house to recover the costs of long-term care services provided. However, they cannot take your house while you are alive. Upon your death, Medicaid may seek to recover funds from your estate, including the house, depending on state laws.
If a person has a lifetime dowry on a house but deeded to another person. What rights does the person with the lifetime dowry have. Is the house and the land theirs as long as they are alive?
If lifetime dowry is the same as 'Life Estate', yes, that's how they go. There may be limits to what you can do to or with the house and land, but you can live the rest of your life there. You need an attorney's help if you are having problems with your arrangement.
Can your siblings just choose to live in the house of a deceased parent if the house is empty and the estate is trying to sell it?
Legally, they cannot live in the house without the consent of the executor of the estate.
Does executor of estate have right to live in house that is being sold in the estate?
They can live in the home if it is to the best interests of the estate. They need to pay the appropriate rent in the process.
Is there a difference between lifetime rights and a will that states someone may live in a house or basement as long as needed and the other owners can do nothing?
Yes, there is a difference. Lifetime rights give a person certain rights to use a property for their lifetime, while a will specifying someone can live in a house as long as needed may be subject to the discretion of the other owners. The latter arrangement may be more flexible and not as legally binding as lifetime rights.
What type of life estate is recognized by Tennessee?
What is a Tennessee Lifetime estate?
Can you take a lifetime estate and not live on the property?
In most cases, there is no reason you can't. The bequest may have conditions on the life estate, such as "as long as they reside on the property." Consult a property attorney in your area for specifics.
If the child who has been given a house with a parent having lifetime right of occupacy and the daughter has to go to a nursing home and becomes indigent is the house part of the daughter's estate?
Generally, the daughter would own the fee in the property subject to the mother's life estate. So the answer is yes, the property would be part of the daughter's estate.
Do i have to live in the house in a life estate?
You do not have to occupy the property. You can lease it to someone else if you wish.
What is a large area of land with a large house on it?
a large area of often with a large house on it
What is the purpose of timeshares in real estate?
The purpose of timeshares in real estate is reduced costs for the people living in a house. Many people share one single house, but they live there at different times.
Do lifetime rights expire when a parent remarries?
If you are talking about a life estate, the answer is no unless stated in the life estate.
What are the rights of the property owner who gives their mother a life estate to live in the house as long as lives but now she can no longer live there?
You need to draft a release of the life estate and ask your mother to sign it. Only she can release the life estate to clear the title.
