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How can the person with a life estate insure property they do not own?

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βˆ™ 2006-09-06 16:09:56

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Check with your agent. I am certain there is a way. A broker is your best bet!

2006-09-06 16:09:56
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Q: How can the person with a life estate insure property they do not own?
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Related Questions

What is life estate in Fla?

A life estate is a right in real property based on the life of a person. It allows that person the use of the property for their lifetime.


Does a will override a life estate?

If a person was granted a life estate in property and then the owner dies, the property remains subject to the life estate. Even if the decedent leaves the property to a different beneficiary in the will, the property passes subject to the life estate.


Do you have to live in house now to receive life estate?

No. An owner of property can grant a life estate at any time to any person of their choosing.No. An owner of property can grant a life estate at any time to any person of their choosing.No. An owner of property can grant a life estate at any time to any person of their choosing.No. An owner of property can grant a life estate at any time to any person of their choosing.


Does a life tenancy form part of the estate of the person who granted it?

No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.


How do you buy in simple fee your life estate?

If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.


What rights are there when a married person is given life estate?

The married person has the individual right to the use and possession of the property for the duration of their natural life. When they die the life estate is extinguished. If they had been inhabiting in the life estate property with a spouse the spouse must vacate the property upon the death of the life tenant.The married person has the individual right to the use and possession of the property for the duration of their natural life. When they die the life estate is extinguished. If they had been inhabiting in the life estate property with a spouse the spouse must vacate the property upon the death of the life tenant.The married person has the individual right to the use and possession of the property for the duration of their natural life. When they die the life estate is extinguished. If they had been inhabiting in the life estate property with a spouse the spouse must vacate the property upon the death of the life tenant.The married person has the individual right to the use and possession of the property for the duration of their natural life. When they die the life estate is extinguished. If they had been inhabiting in the life estate property with a spouse the spouse must vacate the property upon the death of the life tenant.


What happens in a life estate when the son gets divorced in wi?

A life estate is a right in property. Rights in property don't go away. The name on the life estate is the person that retains the rights to the life estate.


If property with a life estate is sold who gets the money?

The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.


Does the person who receives the life estate have to maintain the house and property named in life estate?

Generally, yes.


How do you get a life estate?

The owner of the property must grant a life estate to you.The owner of the property must grant a life estate to you.The owner of the property must grant a life estate to you.The owner of the property must grant a life estate to you.


What happens when owner of property dies and wills property to one person and another have lifetime rights?

The person with the life estate has the right to the use and possession of the property for the duration of their natural life. The person who was given the property in the will is the fee owner and will own the property free and clear after the death of the life tenant or when the life tenant releases the life estate in writing.


If a person with a life estate quit claims the property to someone else are they giving up their life estate?

Yes. A person who signs a quitclaim deed relinquishes all rights they have in that property.


What takes precedence - a will or life estate deed for real property?

Your question does not contain enough detail. You can add more details on the discussion page. If a person conveyed their real property by deed while living then the property cannot become part of their estate after their death. If they granted a life estate, that person owns the life estate for the duration of their natural life.


Can your deceased mothers life estate property be reversed?

A deceased person could have their life estate property revised. It is best to seek the advice and assistance of a lawyer.


What if a person has life estate but is on the verge of losing the property what can the heir do?

You need to explain why a life estate holder is on the verge of losing the property and why you call yourself the heir.


Can a person you sign the deed in a life estate sell the property while you are sill living on the in the house?

If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.


In a life estate does the owner of real property still own the property if he has quit claimed the property to the remaindermen?

No. If the person who owned the land granted a life estate and conveyed the fee to the remaindermen then that person has transferred all her interest in the property. She no longer owns it.


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 a life estate be perfected by the grantee living for a certain period of time on the property?

Once a life estate is granted by the owner of the property it is perfected. That grantee owns the life estate for the duration of their natural life or until they release it to the fee owner in writing.A life estate cannot be created by a person simply living on the property.


How is a life estate created?

A life estate is created by a deed executed by the owner of the property or by their Will.A life estate is created by a deed executed by the owner of the property or by their Will.A life estate is created by a deed executed by the owner of the property or by their Will.A life estate is created by a deed executed by the owner of the property or by their Will.


What happens in a life estate if the grantee dies before the grantor?

The grantee in a life estate is the life estate owner. If they die the life estate is extinguished and the property is free of the life estate. However, if you have your terms reversed please review the following. The grantor is the person who owns the property. The owner can grant a life estate and that person is the grantee. If the grantor dies the decedent's heirs would inherit the fee to the property either by will or under the state laws of intestacy. However, the life estate owner retains their life estate and the heirs acquire title subject to the life estate. The life estate owner would still have the right to the use and possession of the property for the duration of their natural life. They would also be subject to any statutory law regarding the obligations of a life estate owner in maintaining the property, paying taxes, maintaining insurance, etc..


What does life estate mean?

Life estate is an interest in real property. It is measured by the life of the person that it has been granted to. As long as they are alive, they have that right in the property. Once they die, it ceases to exist and goes to the remainderman, the person listed to get it after their death.


What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?

Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.


Can a life estate owner sell the property in Florida?

No, they can only sell the life estate. Which has limited value, since it will continue to be based on the life of the person it was granted to.


Can you sell property of a life estate in Kentucky?

Yes, it can be sold, but the value is difficult to determine. The rights still are attached to the life of the person it was granted to.