After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
You need to draft a release of the life estate and ask your mother to sign it. Only she can release the life estate to clear the title.
You do not have to occupy the property. You can lease it to someone else if you wish.
If the house burns down while you live there under a life estate, you would typically still have the right to live in the property for the duration of your life estate. However, any insurance proceeds or rebuilding of the house would likely be determined by the terms of the life estate agreement and the ownership of the property.
No, you do not need to live in the house to have a lifetime estate, but you typically retain the right to live in the house if you choose to do so. A lifetime estate grants you the right to use and enjoy the property during your lifetime.
The parent has retained a life estate in the property.
Legally, they cannot live in the house without the consent of the executor of the estate.
To answer this question there are many other factors that need to be given. sample: Is the paid off, are there others on the listed estate or is it given to her.
Generally, yes.
It depends on who gets the property after her life estate terminates. If the property was deeded to the children with life estate reserved for mom, then all she would need to do is transfer the life estate to the children as well. However, a life estate can also mean the property reverts to some other ownership, say, a charity or some other relatives. If the person who granted the deed with the life estate is still alive, perhaps a new deed can be created that will supersede the earlier one. Ask your real estate lawyer.
In NC if the life estate person moves out does that break the life estate so the remainder of the owners can sell the the house and land
They can live in the home if it is to the best interests of the estate. They need to pay the appropriate rent in the process.
The life estate is typically attached to the real property (the land/house) only. The goods in the house are distributed according to the will and normally, the expectation is that the person receiving the life estate has the goods in the house already. Example, mom gets a life estate in the house after dad dies. Mom inherits everything in the house from her husband and can do what she wishes with it, including sell it, unless the will specifies otherwise.