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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.
How is the length of a life estate measured?
Generally, the life estate is for the duration of the life tenant's natural life. Other arrangements can be made if specifically recited in the grant or reservation such as a life estate until the life tenant is transferred to a long term care facility. An attorney should be consulted who can review the situation and explain the consequences of a life estate under state laws and tax laws.
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 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
Can a grantee of a life estate serve an eviction?
No, a grantee of a life estate cannot serve an eviction notice to the holder of the remainder interest because they do not own the property in full. The holder of the remainder interest has a legal right to inherit the property after the life estate ends.
How can you evict someone that has a life estate?
You would likely need to sue in a court of equity for a judicial order revoking the life estate. You would need to present compelling evidence to the court to support your cause of action. You should consult with an attorney who can review your situation and explain your options.
