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For what purpose? Life estates can be used for a number of purposes dealing with the purchase of real property. In some cases the law provides a spouse a life estate in property regardless of who actually inherits the property under the will, or if there is no will.
Some people will purchase a piece of property subject to a life estate, which provides the seller with the use of the property until their death. This can provide the seller with assets to use in their older years for support.
Another PerspectiveA life estate agreement is a great idea. It's not necessary but it would make the parties aware of their respective responsibilities. Most state codes define the responsibilities of a life tenant but many parties are unaware of those statutory provisions and many don't inquire about responsibility ahead of time. There are many questions asked at WikiAnswers by people wondering about the rights and responsibilities of the life tenant and the fee owners.
What else can I help you with?
Can a verbal agreement create a binding life estate?
A life estate must be granted in writing or by a court order by a court of equity.
Can life estate be reversed when sold house to daughter the attorney gave mother-in-law a life estate written on the new deed without having the agreement to the life estate signed by mother-in-law?
Your question is extremely hard to follow. Generally a life estate cannot be "reversed". The attorney isn't the one who grants a life estate. The owner of the property grants it in the deed. If the mother-in-law owned the property and conveyed it reserving a life estate for herself it can't be reversed. Generally, the recipient of a life estate doesn't sign the deed "in agreement". For example, Sally can grant her property to Sheila for life and the fee to Tom and Jerry upon Sheila's death. Sheila wouldn't be required to sign that deed. A life estate isn't considered an agreement. You should discuss the life estate with an attorney to determine the rights and obligation of both parties.
Can you revoke a life estate if grantee abandons home and purchases another place to live does it fall back to the grantors and does it void the life estate agreement?
A life estate must be released by the owner or by a court order.
How do you dissolve a life estate?
A life estate can be dissolved by the life tenant voluntarily surrendering their rights, or through a legal action by the remainderman to terminate the life estate. Dissolution can also occur through mutual agreement between the life tenant and the remainderman, or if the terms of the life estate end naturally, such as upon the death of the life tenant.
Can you revoke a verbal life estate if life tenant puts up a gate and physically assaults another tenant?
There is no such thing as a verbal life estate. A life estate must be granted in writing. Therefore whatever "verbal" agreement you have, it is not a life estate. You should consult with an attorney or landlord/tenant agency in your area to determine if your tenant must be given notice to leave the premises.
Is a life estate just like a prenuptial agreement?
No. They are completely different.A life estate allows a person to the use and possession of real property for life. When they die they owners of the property take possession free and clear of the life estate.A prenuptial agreement is a contract two people sign prior to their marriage. The agreement describes how the couple's financial affairs are to be handled both during the marriage and in the event of divorce. Enforceability varies by state laws.
What happens to a life estate given in a will if the will is contested?
If a will that grants a life estate is contested, the life estate remains in effect during the probate process unless the court rules otherwise. The challenge may delay the distribution of the estate, but the life estate holder typically retains their rights until the court resolves the dispute. If the will is ultimately upheld, the life estate continues as intended; if the will is invalidated, the life estate may not take effect. Legal advice is often necessary in such situations to navigate the complexities of estate law.
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.
Is an email agreement binding with real estate in Oregon?
That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.
When is it necessary to have an estate planning lawyer?
It is necessary to have an estate planning lawyer when you have come to the point in life where you have settled down, and want to make sure that everything will go as you wish after you die, or possibly become mentally disabled.
Who is entitled to the insurance proceeds for the total destruction of the property given as a life estate?
The fee owner unless there is some other signed agreement.
Is an estate necessary for an indigent parent?
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
