0
A life estate must be released by the life tenant in writing and notarized. The release should clearly state the life tenant intends to release all right, title and interest in the subject property, namely, a life estate granted by ________ on _________. The release should clearly state how the life estate was acquired. In most cases a quitclaim deed form could be used. The release must be recorded in the land records to clear the title.
As always when dealing with real property, you should consult with an attorney to make certain the release is properly executed.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How should homeowners insurance be written for a life estate tenancy?
I think it should be in the name of the Estate, but the address below the name, should be the life tenant's address...I believe. it should be up to the life tenant if he/she wants to give a copy of the bill to the trustee. ...from a life tenant who is going through this same exact thing.
When a life tenant dies with a will and property is willed the children is that property part of the estate?
A life estate expires when the life tenant dies. A life tenant doesn't own the property, it doesn't become part of their estate and therefore they cannot leave it to their heirs in their will. When a life estate is set up in a deed or will there is also a 'remainderman' who will own the property when the life tenant dies.
Can you revoke a verbal life estate if life tenant puts up a gate and physically assaults another tenant?
There is no such thing as a verbal life estate. A life estate must be granted in writing. Therefore whatever "verbal" agreement you have, it is not a life estate. You should consult with an attorney or landlord/tenant agency in your area to determine if your tenant must be given notice to leave the premises.
What is a reasonable access time for a remainderman's rights in property during the tenure of the life estate tenant?
Perhaps a monthly visit to inspect the condition of the premises set up at a time convenient for the life tenant.
What are life tenant responsibilities once he gives up tenancy and continues to live in property?
Once a life tenant releases their life estate they have no rights in the property and no responsibilities regarding the property. It is up to the fee owner to determine the terms for the continued use of the property. The owner may serve notice for the former life tenant to vacate the premises or the owner can require the tenant to sign a lease and pay rent. It is up to the owner.
If life tenant does not maintaine home can life estate be revoked?
If it was stated in the will for the person to retain usufruct (life time use) of the home, but said nothing about maintenance, then it will be pretty hard to have the life time tenancy revoked. Contact an estate attorney and see what your options are.In many states life estates, whether acquired by will or by deed, are addressed by statute and the life tenant has certain statutory obligations such as paying taxes, municipal fees, maintenance, not causing any waste, etc. In those states, if the life tenant doesn't live up to their obligations, the life estate can be extinguished by a court order. The advice is the same as stated above. You should consult with an attorney who is familiar with the laws in your state.
4 siblings were left a house after death of father 1 has lifetime residency if the house was to be sold and split 4 ways does the person entitled to lifetime residency get a bigger percent of the sale?
No. Not unless the siblings offered the life tenant a larger share as an enticement for releasing the life estate. In that case, the life tenant's portion of the proceeds should be negotiated and a written agreement should be signed by all of the parties. On the other hand, if the life tenant has consented to the sale and doesn't want to be paid for releasig the life estate, the proceeds can be divided equally. There are no general rules in this situation. It is up to the parties to decide on a plan.
Can you create a life estate in a will?
A person who owns a life estate cannot leave it to heirs. The life estate expires when the life tenant dies. In another sense a person can inherit a life estate. For example, suppose William is married to his second wife, Sarah. William and Sarah live in the home that William shared with his first wife who died many years ago. It was the family home where he grew up and where he raised his own children. In his will William can leave his home to his children but reserve a life estate for Sarah so that she can continue to live in their home for the duration of her life. When William dies Sarah will inherit a life estate. When Sarah dies William's children will own the property free of her life estate.
If a property is in a life estate are you still able to sell it?
You cannot sell property free and clear of a life estate unless the life tenant consents to the sale and releases their life estate. Otherwise, the buyer would take the property subject to the life estate.
What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
Who owns the house equity in a life estate deed?
The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.
What happens when the person who has a lifetime estate abandons the property?
A property is not usually seen as being abandoned just because it seems as though it is and a life estate belongs to the beneficiary of it for the length of their life or until they decide to give it up legally
