See a lawyer for help if you would like to create a life estate or if you are involved with one as a life tenant or remainderman. Life estates are not commonly used, but they can be a useful tool in some situations. For example, some people may want create a life estate: To allow a surviving spouse to stay in a shared home.
Also, you may be able to do some estate planning on your own. Simple wills, trusts, and powers of attorney don’t have to be made by attorneys. And with good self-help products, you can either make your own documents or learn more about the documents that an attorney will make for you.
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While a life estate can be helpful in some situations, when things get complicated, it can create problems. The life tenant loses control to make major decisions related to the property without input. For example, if the life tenant wants to sell or lease the home or get a mortgage, they need approval from the remainderman.
A person with life interest generally (as we have not perused the Will) does not have the right to sell, transfer or alienate the property to the detriment of the absolute owner, which in your case is the son, i.e., you. It is a limited right to enjoy the property up to the death of the life holder.
A life tenant cannot sell the property or take out a mortgage loan against it without the agreement of the remainderman. The reverse is also true: The remainderman cannot sell or mortgage the property during the lifetime of the life tenant.
Life estates can be created by a will at the property owner's death. Life estates can also be created by recording a deed during the lifetime of the original property owner. During life, the life tenant has the responsibility to maintain the property, pay property taxes, and pay any homeowner's association dues.
This is a deed in which you transfer your home (or other real estate) to the persons whom you want to have it after you pass away (remaindermen), but reserve unto yourself the right to live in your home until you pass away. Typically, the remaindermen are your children.
The major forms of legal life estate are the homestead, dower and curtesy, and elective share.
The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree. The life tenant usually receives a smaller portion based on the value of the life estate, calculated using actuarial tables.
Drawbacks to Life EstatesRestricts the ability to finance the property;Subject to attachment of donee for their creditors, divorces, death or bankruptcy;Donee cannot be changed later;All parties must agree to sell the property;More items...•
With an ordinary life estate, the beneficiaries interest cannot be given away or sold without their consent. However, with a lady bird deed you can free change the beneficiaries/remaindermen at any point in time.
As you can see, there are major benefits, including an efficient transfer of ownership and avoidance of the length probate process. But there are risks: if you change your mind, you need for your remainderman to agree to revoke the life estate.
A home held in a trust is not that easy to sell, nor does a trust make it easy for heirs to cash the check after a closing or settlement. A life estate deed is by far the easiest way to go. The property is controlled by the owners during their life. They can sell or do whatever they choose.
A life estate deed in Massachusetts is a deed in which two or more people each have ownership of real property, but they have it for different periods of time. An example: Mary is 82 years old and lives in her home by herself.
A life estate helps avoid the probate process upon the life tenant's death. The property will automatically transfer to the remainderman, making the process simple and easy – a will isn't needed for the transfer to happen.
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