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If you were left a condo in a life estate can you choose not to live there and rent it out?
Wiki User
∙ 14y ago
I believe so. The life estate simply governs the ownership of the property. In other words, you can't sell it and the previous owner can't sell it until he or she dies. I believe it is intended to be passed down. It's been a while since I took the course. What you do with the property is up to you so long as there are no stipulations in the will or real estate contract. You just can't sell it. A real estate appraiser or real estate agent should be able to tell you more. Or just grab a copy of a text book in a good library. They devote a whole section to "life estates" in current text books.
Yes. All rental profits belong to the person who holds the life estate decree.Read the governing documents for the condominium association, to verify that your unit can be rented. You may also be able to discover this restriction by asking a member of the board or the property management agent.
Wiki User
∙ 14y ago
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Your dad transferred the deed to his condo to your name and reserved a life estate he married after the transfer does his wife have any legal interest in the condo?
If your dad conveyed his condo to you by deed and reserved a life estate for himself then he can use and occupy the condo during his natural life. The life estate will be extinguished upon his death or if he relinquishes it to you by a deed of release before then. His wife has no interest in the property.
What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?
Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.
Can I sell the condo my dad deeded to me with a life estate when he can no longer live there he will be going into long term care?
He will need to consent to the sale by signing the deed.
Can I sue the executive of the estate for not telling you about life insurance policies left to you?
yes
Does life insurance have to be left to a spouse or can it be left to another beneficiary than a wife?
No, you get to choose.
What is the meaning of remainder?
Anything that remains, or is left, after the separation and removal of a part; residue; remnant., The quantity or sum that is left after subtraction, or after any deduction., An estate in expectancy, generally in land, which becomes an estate in possession upon the determination of a particular prior estate, created at the same time, and by the same instrument; for example, if land be conveyed to A for life, and on his death to B, A's life interest is a particuar estate, and B's interest is a remainder, or estate in remainder., Remaining; left; left over; refuse.
What is the definition of remainder?
Anything that remains, or is left, after the separation and removal of a part; residue; remnant., The quantity or sum that is left after subtraction, or after any deduction., An estate in expectancy, generally in land, which becomes an estate in possession upon the determination of a particular prior estate, created at the same time, and by the same instrument; for example, if land be conveyed to A for life, and on his death to B, A's life interest is a particuar estate, and B's interest is a remainder, or estate in remainder., Remaining; left; left over; refuse.
Can a life estate owner leave the property by will prior to the death of the grantor?
No. The grantee of a life estate cannot leave the life estate in a will because a life tenant doesn't own the property, only the right to use it during their life. The life estate ends when the life estate owner dies. That's why it is called an estate for life. After the death of the life tenant there is nothing left to devise by a Will.Sometimes the owner of land simply grants a life estate to another party. In that case the grantor still owns the property subject to the life estate. When the life tenant dies the life estate is ended and the grantor still owns the property. In other cases the owner transfers the property in fee to new owners but reserves a life estate to herself or some other person. In that case the property is no longer owned by that grantor at the time of the grantor's death and so does not become part of the estate. In that respect, a life estate deed is an estate planning tool.
If a father disinherited his children in his will and left life insurance to his deceased wife with no contingent will the money go to the children or the estate?
In most cases it will default to the estate.
My mother died in 1998 and left her house to her 4 siblings She gave her then husband not father a life estate in the house Would him getting married again cancel this life estate Thank you Mike Niels?
If your mother granted her husband a life estate in her will the language of the grant would need to be examined for any limitations. If there was no provision made for the life estate to expire upon his remarriage then it lasts for the duration of his life.
What kind of estate establishes the ownership of property for only the life of the owner?
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
Can someone with life estate keep the one out that the house was left to?
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
