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The person with the life estate should pay for repairs. They are benefiting from the arrangement, and so should except the responsibility, or give up the life estate. However, the answer may depend on the relationship between the parties.
In most cases an elderly parent transfers ownership to their children in order to bypass probate while retaining the right to life use of the property. Since the parent is trying to preserve the property for their children, the children should be willing to help with repairs since it is in their interest for the property to be well maintained and an elderly parent may not have the resources to pay for repairs.
For a definitive answer you need to check your state laws that govern life estates.
Wiki User
∙ 10y ago
Wiki User
∙ 12y agoThe holder of the life estate is responsible for basic maintenance.
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What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
Is the estate responsible for upkeep of the property?
Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.
Settlor created a life estate in her residence for her daughter. Settler is not deceased but incapacitated. Is the daughter responsible for maintenance and upkeep of property while living there.?
Yes, she must maintain the property at least to the extent it was when the life estate was granted, that includes regular maintenance, repairs, taxes, etc.
If your parents have signed over their house to you but have lifetime use can they still pay for repairs?
In this case, parents have actually transferred a remainder interest and retained a life estate. A life estate is a bona fide form of property ownership. As such, they can certainly pay for repairs and make improvements. They can even sell their life estate, however, the buyer of the life estate is divested upon the death of parents.
What are personal effects of a deceased person?
e take pride in our family approach to take care and we always provide the best work. Whether it is simple house clearing, house repairs or larger renovations.Deceased estate cleaningDeceased estate clearingDeceased estate cleanupsDeceased estate melbourneDeceased estate repairs(After Life Cleaning)
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent of the life estate holder.
Can the executor sell sisters life estate with no insurance on house or needs repairs?
An executor cannot sell the life estate. If the sister was given a life estate she has the right to the use and possession of the property for life. The property cannot be sold without her written consent.
Who is responsible for debt after a death?
The estate of the deceased. The estate of the deceased is responsible for all debt incurred by the deceased. After all debt has been resolved, any remaining resources are available to the beneficiaries.
Is your mother responsible for her final prescription costs after death?
Yes, her estate is responsible for paying the bills. Who would you propose should be responsible? Your mother's estate is responsible for all debts incurred by her and her property during her life. If you haven't opened an estate, you should consult a probate attorney in your state.
You deeded your home to your children and retained a life estate can they sell the home if you agree and sign off?
Yes. If you join in the deed by signing it with language added that you are releasing your life estate the property can be sold free and clear of your life estate.
If a person has been granted the administration of estate of the deceased is he or she obligated to pay the deceased debts?
We take pride in our family approach to take care and we always provide the best work. Whether it is simple house clearing, house repairs or larger renovations.Deceased estate cleaningDeceased estate clearingDeceased estate cleanupsDeceased estate melbourneDeceased estate repairs(After Life Cleaning)
If a woman leaves her husband a life estate in her home does it go to her children when he dies?
It depends on who was appointed the remainderman in the life estate.
