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Life Estate Questions

What is a life estate?

A life estate is a kind of estate that is used to designate the ownership of real estate property during an individual’s lifetime. The estate ceases to exist once its creator dies. The creator or owner of such an estate is called a life tenant. The owner of the estate may use the property that is placed in it for his/her own benefit and also have a right to earn an income by either giving the property on rent or using it for other purposes.

Can a life estate be terminated before the creator’s death?

In many cases, it can be possible to terminate an individual’s life estate before their death if there was adverse possession of the property or if the creator of the estate transfers it to the remainderman.

In which states of the United States are enhanced life estate deeds accepted?

There are only a select few states where enhanced life estate deeds are accepted. These states include Florida, Texas, Ohio, California and Kansas.

Can the owner of property in a life estate rent this property out?

In many cases, an owner of property that is also a part of a life estate may have the right to rent out the property to another individual.

Can the owner of a life estate sell property that is placed in the estate?

The owner of a life estate may be able to sell off property that is placed in it without taking consent from the remainderman.

Is it possible to reverse a life estate agreement in court?

It may be possible to reverse a life estate agreement in court if it is proved that the tenant of the real property is causing permanent damage to the property through their actions leading to a reduction in the value of the property to the owner or the person who may inherit it in the future.

Can the creator of a life estate give up their ownership over the estate?

The creator of an estate may be able to give up their ownership over it. In such a situation, 100% ownership of the property would be transferred to the residual owners.

How can an individual take over a life estate if the owner dies?

A life estate no longer exists if the creator dies. The individual who wants to take over the property may file an affidavit of death of life estate owner in the real property records of the city or county where the property is located. He/she may also have to submit a copy of the owner’s death certificate along with the affidavit.

Many people may put their properties in life estates in order to handle them better. It may sometimes get difficult to understand how life estates work and how the property gets transferred to the individual’s descendants. In some situations, people who create the estate may also want to revoke it and may not know how to go about doing so. In such situations, asking an Expert for the answers on life estates and the different aspects of handling them can be helpful.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
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Estate Lawyers are online & ready to help you now

Thomas McJD
Attorney
Satisfied Customers: 3076
Wills, Trusts, Probate & other Estate Matters
Infolawyer
Attorney
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Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Life Estate Questions

  • My mother is the landowner . My father lased away 24 years

    My mother is the landowner . My father lased away 24 years ago gave my sister the right to park a mobile hone on a place of the land. the road is used to get to both home places. My sister dose not own the land .My mother dose. What rights dose my sister have on the road right of way. Is she liable to help up mothers part of the drive. Mother is 80 years old and i am her son and caregiver also I have POA and POH on her. I have been the only on keeping up mother drive. To my nalege on contract was made. What do I need to do to get help on the upkeep of mothers part on the drive?
  • My fiance passed away in January and left a will behind naming

    My fiance passed away in January and left a will behind naming me as the sole beneficiary and executor. He left me a house (along with the mortgage) and a life insurance policy (which is now gone, to pay off past debts). Out of the blue I just came home to a letter from the County Surrogate's Court asking for a List of Assets be filed "as required by Rule 207.20". What in the world does this mean, the letter is all legalese and I have no idea why they are asking for this. Because of the holiday, I won't be able to reach my lawyer until Monday and I am a basket case over this.
  • An Estate is held in Trust following our father's death. A

    An Estate is held in Trust following our father's death. A single-member LLC is then established and owned by the Trust. The Trust is judged to be invalid, and the Estate is ordered to probate. By will, the Estate is distributed equally to 5 surviving
    children. The LLC is not closed out during probate. By what process does the single-member LLC owned by the Trust become a multi-member LLC owned by the 5 siblings. Is this just a matter of the executor, or the new members, submitting the appropriate paperwork
    to remove the Trust member and add the 5 new members?
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