0
No. They are completely different.
A life estate allows a person to the use and possession of real property for life. When they die they owners of the property take possession free and clear of the life estate.
A prenuptial agreement is a contract two people sign prior to their marriage. The agreement describes how the couple's financial affairs are to be handled both during the marriage and in the event of divorce. Enforceability varies by state laws.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a verbal agreement create a binding life estate?
A life estate must be granted in writing or by a court order by a court of equity.
How does a retired couple who have lived together for fourteen years determine who owns what?
Some married couples who meet later in life have a prenuptial agreement that what is hers is hers and what is his is his (home left to her/him by her/his former spouse; property; investments, etc.) If you did not have a prenuptial agreement and the two people really loved each other once then what one has the other owns. It is wise to seek professional help by a lawyer and both of you should try to be fair. If you have signed a prenuptial agreement then there is no point in fighting it. Providing there is not a prenuptial agreement mature couples, even though they may be breaking up should sit down and list what each wants when it comes to the home; any properties; investments, etc. As far as material things in the home you should come to amicable agreement without arguing over every little item.
Can you revoke a life estate if grantee abandons home and purchases another place to live does it fall back to the grantors and does it void the life estate agreement?
A life estate must be released by the owner or by a court order.
Can life estate be reversed when sold house to daughter the attorney gave mother-in-law a life estate written on the new deed without having the agreement to the life estate signed by mother-in-law?
Your question is extremely hard to follow. Generally a life estate cannot be "reversed". The attorney isn't the one who grants a life estate. The owner of the property grants it in the deed. If the mother-in-law owned the property and conveyed it reserving a life estate for herself it can't be reversed. Generally, the recipient of a life estate doesn't sign the deed "in agreement". For example, Sally can grant her property to Sheila for life and the fee to Tom and Jerry upon Sheila's death. Sheila wouldn't be required to sign that deed. A life estate isn't considered an agreement. You should discuss the life estate with an attorney to determine the rights and obligation of both parties.
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.
How to Prepare a Prenuptial Agreement?
When preparing for marriage, it may be a good idea to consider a prenuptial agreement, or an antenuptial agreement. This document is also referred to as a premarital agreement and can assist both parties entering into the marriage with protecting assets and determining debt responsibility in the event of death or divorce.1. The couple should first discuss between themselves honestly and openly so that there are no surprises upon actually preparing the agreement.2. Both parties may want to acquire an attorney or legal representative or have the opportunity to seek their own individual counsel before the agreement is finalized.3. Prepare a list of all of the assets, liabilities, income and any planned inheritances. Everything must be disclosed and included in the prenuptial agreement. Determine who will be responsible for debt that occurs during the marriage, whether it will be based upon the individual or as a couple.4. Residences and real estate should be included as well as ownership. The parties will also need to determine or agree upon who will own the property in the event of a divorce and whether or not the original owners will retain ownership.5. All agreements must be made in writing and will often need to be witnessed and notarized. In order to ensure that a prenuptial agreement is binding and enforceable, it will need to be looked at by an attorney.Other Points to Consider•Premarital assets and liability and what exactly each party is bringing into the marriage.•Potential death benefits and life insurance and how they will be distributed.•Whether or not spousal maintenance and future alimony will occur in the event of a divorce.What a Prenup Will Not CoverPrenups cannot contain or cover illegal activity nor can it include anything that goes against public policy. Further, a prenuptial agreement does not usually contain non financial matters like child care and household matters.It is important to remember that prenuptial agreements are not just for the rich and famous. If one party has significantly more assets or liabilities than the other or if there are children from a previous marriage, a prenuptial agreement can benefit and protect both parties. They are most often looked upon as anticipating failure of the marriage, but alternatively should be accepted as a form of insurance or protection for all parties involved.
Prenuptial Agreement Inclusions?
Getting married has never been a simple affair, with the numerous details that the couple is required to remember, and some details must be left up to others, due to the enormity of the task of planning and pulling off what everyone expects to be the most important day of their life. In addition to all of the aesthetics and religious aspects of the wedding, legal aspects of marriage have gotten to be a more prevalent part of the institution. Prenuptial agreements are becoming commonplace, and as such, there are certain inclusions that should be in an average prenuptial agreement, if it is an aspect of your marriage. Prenuptial agreements for the average couple should include financial agreements, property agreements, and last will and testament provisions should the marriage end in death. The financial agreements usually spell out how money or debt accumulated during the marriage will be split in the event of divorce. Also, it provides an amount for alimony or child support as well. Usually debt incurred before the marriage is left to the individual person to whom it belongs. For property, similar to finances, property purchased during the marriage is split a certain way, while property owned before the marriage is kept by the individual owner. Property, in the case of prenuptial agreements include art, jewelry, pets and anything of sentimental value, in addition to real estate. Child support payments are also agreed to, should the marriage produce any children. Also, children brought into the marriage are also written into the agreement, which will state whether or not they are entitled to support as well as natural children. Prenuptial agreements are best agreed upon well before the wedding date, so any arguments that could ensue do not overshadow what should be a happy time. Also, for the prenuptial agreement to be legally binding, it is imperative that both parties fully disclose any debts or assets they are bringing into the union. Even if the agreement allows each person to keep their individual assets, if everything is not fully disclosed before the agreement is signed, the entire agreement will be null and void. Thus making all the stress regarding the prenuptial agreement for naught.
Who is entitled to the insurance proceeds for the total destruction of the property given as a life estate?
The fee owner unless there is some other signed agreement.
What kind of estate establishes the ownership of property for only the life of the owner?
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
What happens if the house burns down and you live there under the life estate law?
The fire would not affect the life estate which is a right to the real property. However, whether the property will be habitable again depends on whether the dwelling was insured. If it is rebuilt the life tenant has the right to occupy for the duration of their natural life. Responsibilities regarding insurance may be governed by state law and by any life estate agreement. You should consult with an attorney who can review your situation.
If someone is granted a life estate and they remarry how will this affect the life estate?
Marriage has no effect on a life estate. The only factor that is important is the length of the life of the person that has been granted the life estate.
How do you sever a life estate in Florida?
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.
