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No. An owner of property can grant a life estate at any time to any person of their choosing.
No. An owner of property can grant a life estate at any time to any person of their choosing.
No. An owner of property can grant a life estate at any time to any person of their choosing.
No. An owner of property can grant a life estate at any time to any person of their choosing.
What else can I help you with?
What are the rights of the property owner who gives their mother a life estate to live in the house as long as lives but now she can no longer live there?
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.
Do i have to live in the house in a life estate?
You do not have to occupy the property. You can lease it to someone else if you wish.
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.
Do you have to live in the house you have a lifetime estate to?
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.
Can your siblings just choose to live in the house of a deceased parent if the house is empty and the estate is trying to sell it?
Legally, they cannot live in the house without the consent of the executor of the estate.
When a parent conveys their property to a child but reserves the right to live in the house for the remainder of their life what is that right called?
The parent has retained a life estate in the property.
What happens if the person cannot live in the house that she has a life estate to does she give up her right to live their?
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.
What is the difference between a will and a life estate?
A will is a legal document that outlines how a person's assets are to be distributed after their death, while a life estate grants someone the right to use and enjoy a property during their lifetime. In a life estate, the individual has the right to live in the property or receive income from it, but ownership reverts to another party upon their death.
Does executor of estate have right to live in house that is being sold in the estate?
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.
You care for your mother the past 3 years she has a life estate on the house you live in and wants to remove it turning the house over to us is that possible?
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.
Can a new deed be issued on a life estate because the life tenant is no longer able bodied to live in the house anymore?
No. Deeds are not "issued". Once a life estate is granted by deed the grantee is the only person who can release it unless there was language in the original grant that limited it. You need to get a deed from the owner of the life estate in order to clear the title to the property. Otherwise, the life estate will not be extinguished until their death.
My boyfriend died and is letting me live in his home. it is a life estate So my life estate has a value based on my age and value of this home. If the house is sold do I get the life estate value?
No. However, you continue with your life estate. Whoever purchases the home is essentially betting on you dying early because the house is sold subject to your life interest. You can convey your life interest to someone else if you want to make some money off of the property, but once again this interest would probably not capture alot--as they would be purchasing an interest in the property subject to the length that you live. After which the property reverts back to whomever your boyfriend assigned the remainder interest to.
