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Husband and wife put home in life estate for two children with the right to live there until death but then decide to sell home to down size can this be done?
Wiki User
∙ 15y ago
yes: it can be done several ways:
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intervivos revokable trust which can be terminated at will.
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if it is an irrevocable trust, it can be broken if the children agree to reject it.
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parents can modify the house by building an apartment or two....thus down-sizing, bringing in income and avoiding the tangles of family trusts.
THE HIT_MAN
K, so I'm no lawyer and I definitely flunked out of law school, so take what I say with a barrel of salt. But, as far as I know, it depends on your situation. Like, let's take your example and make it two individual parties to simplify: i.e. "husband and wife" are now "O," and "two children" will now be referred to as "A". So, it depends on whether O gave A a life estate deed or O gave A something similar, like a revocable living trust.
So, first go figure that out. Is it a real "life estate"? If so, it's irrevocable and the kids are golden. Is it a revocable living trust? Then kiddies are screwed. Or maybe it's something else, in which case you'll have to clarify your question because I'm only going to answer two ways because I don't care to explore every possibility (you can see why I flunked out):
Life Estate:
If O gave A a life estate, plain and simple, then it's irrevocable and A is going to have to assert A's rights. So, if you're the kid, then it's like your mom gave you a life estate for the house and you let her live in it until she died or whatever. The house is still yours and she can't very well take the offer back by selling it or ripping out the walls and ruining the place or anything. It's essentially yours.
Living Trust:
But if your mom gave you a revocable living trust, then she can do what she wants. The latter is probably more what people think of as inheriting. Like, if your mom does the revocable living trust thing, she's basically put the house in the hands of this 'trust' and they hold it or whatever, but she still has power over it. So she can sell the house or decide she likes little Timmy better, pull a switcheroo, and give it to him instead. I mean, if O promised A the house or something and decided to sell it instead, depending on the circumstances, A might try to whine to the court about some detrimental reliance, but I get the feeling A might come out with nothing and look like a spoiled brat.
Yeah. Also, it depends on what you're going for here. Like, there are a lot of ways around this stuff on either side. Post some more specifics and we might be able to help a bit more.
Wiki User
∙ 15y ago
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Does a stepfather have rights to property if mother had a life estate?
No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.
Who determines who gets the estate after my mothers death?
If your mother had a will then that will likely determine where her estate will go after her death. If not, then her estate will pass through intestacy in which the court goes down the family lines (husband, then children, then grandchildren, parents, siblings, etc) until there is someone to give it to. If your mother is still alive, I urge you to talk to her about drafting a will.
Can my husband kids claim our property after his death?
State laws vary, and your husband's children may be able to claim a portion of his estate unless he does some estate planning now. All your property and accounts should be held as joint tenants with the right of survivorship. If not, then your husband should have a will drafted by an attorney who specializes in probate and estate planning. If he does neither then his children may be able to claim a portion. You can check the laws of intestacy in your state at the related question link below.
What happen to Dottie Rambo's Estate after her death?
I asume it went to her children.
Are your children entilded to part of an estate left in death if there is no will?
Yes, the intestacy laws typically call for children to inherit. If the spouse is still living, the estate is split.
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
If my daughter dies before me what happens to the life estate I made?
I will assume that you conveyed your real property to your daughter and reserved a life estate in that property. In that case, your daughter is the owner of the property. She can leave it to someone in her will or it will pass to her heirs-at-law under the laws of intestacy in your state. Generally, if she is married with children, her husband and children will inherit the property if she has no will. You can check your state laws of intestacy at the related question link provided below. Your daughter's death will not affect your life estate. Whoever would inherit her property upon her death either by will or by intestacy would inherit it subject to your life estate.
Am I responsible for my husband's medical bills after death in Pennsylvania?
Indirectly, the estate is responsible for the medical bills of the deceased. Only after they are resolved can the estate be closed and any remainder distributed to the spouse.
Can a parent or guardian be the wrongful death beneficiary of his or her adult child in Alabama or Nebraska if that child has no wife or children?
In Alabama, the parent would not be considered a wrongful death beneficiary of the adult child if there are no surviving spouse or children. In Nebraska, however, the parent could potentially be considered a wrongful death beneficiary if there are no surviving spouse or children. Each state has its own specific laws governing wrongful death claims.
Who would inherit my home if I die with no will with my husband on the deed and two children not of this marriage?
That would depend on the tenancy recited in the deed to you and your husband. If a joint tenancy or tenancy by the entirety was created in your deed then he would become the sole owner of the property upon your death. He could then make his own will and leave the property to his own relatives when he dies. If there is no tenancy recited on the deed or it provides that you will hold the property as tenants in common then upon your death your interest in the property may be shared by your children and your husband according to the laws of intestacy in your state. Your children may receive nothing depending on the value of the estate. Alternatively, if the property is owned as tenants in common you could leave your half interest to your children in your will with a life estate to your husband. That way he could continue to live on the property and when he decided to sell or if he died your children would receive half of the proceeds of the sale of the property. You should seek the advice of an attorney to discuss your options.
Custodial parent puts in will her FRIEND is to get kids upon her death not ex husband?
I suppose the CP could appoint her friend as the children's guardian in the event of her death, but the ex-husband could contest the will.
You have a loved one who died and she named you beneficiary to her estate after her husband dies. Her estate was probated her husband remarried and died intestate. What are your rights?
Your situation is not clear. If your loved one provided her husband with a life estate with the remaining estate to go to you after his death then the remaining property belongs to you. However, it depends on such factors as how the property was held, the exact language in the will and whether the surviving husband was given any power of appointment. If your loved one's estate was probated you should contact the attorney who handled the estate and ask her/him to explain any rights you may have. If that's not possible you should consult with a private attorney who specializes in probate law who can review your situation and explain your position.
