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A 'Life Estate' is a right in real property that is measured on the life of the grantee. The definition is consistent in the common law.
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∙ 15y ago
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Is a life estate legal in wva?
Yes. A life estate is available as an estate planning tool in West Virginia.
In new york state when does life estate expire?
In New York State, a life estate expires upon the death of the life tenant. The property will then typically revert back to the remainderman or the owner of the future interest as specified in the life estate arrangement.
What is the Definition of a lifetime right of occupancy?
A LIFE ESTATE is an estate held only for a specified person's life. It is a right to use and occupy property that is extinguished when the life estate holder dies.
Who benefits from capital improvements made during a life estate?
The legal owner does. The person who originally granted the life estate.
Can a life tenant stop paying property taxes on a life estate?
No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
Can it be specifed in a will how the heirs are to use real estate that is divided among them?
Absolutely, by means of a life estate or other legal instrument.
Can I be removed from a life estate premises?
If you own the life estate it can only be extinguished with your written consent. If you are not the owner then the fee owners may have you removed. It depends on the details of your legal standing to be there.
If a life estate state in the will that the life tenant only pays xx per month for taxes of the home and the remainderum pays any amount above that for maintenancetaxes is this a legal Life Estate?
yes it is yes it is
Does life estate have to be written?
Yes. Any legal document that affects land must be in writing.
What is the legal title of the one who receives property in a life estate?
The life tenant acquires the right to the use and possession of the property for the duration of their natural life. The life tenant does not own the fee in the property. The fee is owned by the remainders. Upon the life tenants death the life estate is extinguished and the remainders own the property free and clear of the life estate.
When a Life estate remarries and the person with the life estate becomes deceased what rights does the new spouse have?
That depends on whether there is a will or not. If a will has been properly executed then the will takes precedence. If there is no will then the estate passes to the current spouse. The previous spouse can attempt to use legal means to gain part of the estate, but the divorce should have already partitioned up the estate. Also descendents of the deceased estate owner may use legal process to gain part of the estate. For a more sure answer speak with an attourney who specialises in your states/areas specific laws on estates.
Is the person who rewarded a life estate resposible for decedents debt?
That will depend on the relationship. If it is a spouse, there is likely to be a legal responsibility.
