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Can a mother will or transfer her life estate to one of her children in the state of Florida?
A life estate is extinguished upon the deah of the original life estate holder. Therefore, one cannot leave a life estate to another person in their will. Generally, rights in a life estate can be transferred, however, they would expire upon the death of the original life estate holder.
Can a life estate be included in the holder's will?
A life estate is extinguished upon the death of the holder. There is no remaining interest that can be passed by will.
Life estate voided?
Only by the death of the life estate holder or by their release of the life estate by deed to the fee owners.
What happens to a CD puttable upon death of the holder?
When a CD is puttable upon the death of the holder, it means that the beneficiary or estate of the deceased holder has the option to redeem the CD early without penalty.
Can a life estate interest be sold?
A life estate is canceled by the death of the life estate holder or by a written instrument signed by the holder that surrenders their rights in the property. In Massachusetts the life estate holder signs a deed to release their rights. In cases where the original grant contained reversionary language and the conditions have been violated the life estate would be extinguished. In that case a written notice to that effect would need to be recorded to clear the title to the property. If a reversionary clause is used in the grant you should also set forth in the grant how the life estate will be terminated if the conditions are violated.
When can a successor power of attorney act in place of the original power of attorney holder?
A successor power of attorney can act in place of the original power of attorney holder when the original holder is unable to fulfill their duties due to incapacity or death.
Does a farm lease terminate with the death of the life estate holder?
Yes, if the life tenant was the individual who executed the lease.
What is the process for exercising a puttable on death of holder option?
Exercising a puttable on death of holder option involves the beneficiary or estate of the deceased holder notifying the financial institution or issuer of the option of the holder's passing, providing necessary documentation, and following the specific procedures outlined in the option agreement to redeem the option for its cash value.
Is the holder of a life estate allowed to rent the property while he is absent from the property?
Certainly! A life estate means he can use the property as he desires as long as he lives. That includes renting it out to others. It usually goes for a lot less then a normal rental, because it would end at the death of the life estate holder.
Can a person who only has the right to the exclusive possession use and enjoyment of property sell the property?
You seem to be describing a life estate. The holder of a life estate in real property cannot sell the property because they don't own it. They can transfer their life interest to another person but it would still end upon the death of the original holder. The exception is states that allow "Enhanced Life Estates". Florida is one example. The owner of an enhanced life estate can sell the property.
How long in Maryland can an estate stay active after the original owners death?
i thought 6 months
What happens to the puttable upon death of holder feature in a financial instrument?
When the holder of a financial instrument with a puttable feature dies, the ability to sell back the instrument at a predetermined price is typically transferred to their estate or beneficiaries.
