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Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 2922
Experience:  associate attorney
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I have life rights to my farm. I wish to rent house out and

Customer Question

I have life rights to my farm. I wish to rent house out and use proceeds to assist in payment of smaller. All children grown n gone. Only youngest who was product of my 2nd marriage is owner of home with me as life tenat. It was explained to my husband and I when setting this up that if I became unable to care for place and son unwilling, I would receive proceeds from rent extra. I do know I'm always responsible for taxes and insurance.
Submitted: 1 year ago.
Category: Tax
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

As an owner of the life tenancy, you have the ability to live or rent the house out during your life. So yes you can do this and you do not need the permission of your child to do this. You are essentially the owner during life and can do anything a normal owner can do at this time, even selling the life estate (you cannot sell the remainder interest that you child owns).

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 1 year ago.

I see you have reviewed my answer, do you have any further questions? If not, please positively rate my answer (there should be smiley faces or numbers from 1-5 next to my answer, a good or excellent rating would be fantastic) as that is the only way I will be compensated by the site for my work. This will not cost you anything extra and this extra step would be appreciated.