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What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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In NY State is real property not considered part of an estate?
Real property is a part of the estate in every state. It is usually the biggest asset the estate has. However, depending on the ownership of the property, it may not be a part of the estate because it automatically belongs to someone else when they die. If it is owned as 'joint tenants' or 'tenants by the entirety' it will automatically go to the surviving person without entering the estate.
Does life estate automatically bequeath mineral rights to real estate?
No. A life estate includes the right the use and possession of the property for life. Only the fee owner can sell the property or rights therein.
What happens when your mom passes away and her property is in a life estate?
The life estate goes to the remainderman.
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
What is the law in Indiana when their is a quit claim deed on property and the co owner dies?
It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.
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.
Can a life estate be revoked if they can no longer live in the house and moves to a different state everything is paid for and up to date?
A life estate cannot typically be revoked once it has been established, as it grants the individual the right to live in the property for the remainder of their life. Moving to a different state does not necessarily affect the life estate, but the terms of the agreement may specify conditions that could trigger a change in the arrangement. It is best to consult with a legal professional to understand the specific implications for this situation.
If you are a personal representative of an estate does it give the personal representative a right to move on the property if owned by a joint owner?
No. Ownership of joint property passes automatically to the surviving joint tenant and does not become part of a decedent's estate.
What happens if life estate is terminated?
The remainderman has full vested rights in the property.
In MA is a home considered an estate upon death of a spouse?
If the property was owned by the couple as joint tenants or tenants by the entirety the decedent's interest passes automatically to the surviving spouse and is not part of the probate estate. If the property was owned solely by the decedent it becomes part of the estate.
What happens if you are left a property in a will but it was sold prior to death to pay for residential care?
You cannot inherit property from an estate which no longer owns that property.
After deed in lieu what happens to the property?
Your lender bank obtains the title of the property and appoint a real estate agent to sell it.
