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What if you have life estate? and how can you change it?

Customer Question
What if you have life estate? and how can you change it?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 12 minutes by:
1/31/2016
Real Estate Lawyer: Christopher B, Esq., Lawyer replied 2 years ago
Christopher B, Esq.
Category: Real Estate Law
Satisfied Customers: 4,088
Experience: associate attorney
Verified

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.

What a life estate means is you get to live on the property for life but the remainder interest is owned by someone else. When you did sell the property, your life estate should have been worth something but the remainder interest is worth the bulk of the price unless only the remainder was sold which means you still get to live on the property for life. The transfer is permanent unless the person you gave the remainder interest to would give back that interest and give you a full interest in the property again (life estate plus remainder). Life estates are very cumbersome for that very reason and many planners do not like to use them. So to answer your question, the only way you can change it, is to purchase the remainder or have it given back to you as a gift.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

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Real Estate Lawyer: Christopher B, Esq., Lawyer replied 2 years ago

Just checking back in, did you have any further questions?

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