Table of Contents
Can you abandon a life estate?
To dissolve a life estate, the life tenant can give their ownership interest to the remainderman. So, if a mother has a life estate and her son has the remainder, she can convey her interest to him, and he will then own the entire interest in the property.
Who owns the home in a life estate?
the life tenant
A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person or persons, who will automatically receive the title to the property upon the death of the life tenant.
How long does a life estate last?
A life estate vests the beneficial use of property in a person for their lifetime.
Can a remainderman be removed from a life estate?
The owner of the life estate can remove or change the remaindermen if he or she (grantor or life tenant) wants. For a better view and options, one should consult with an attorney.
How can a life estate be terminated?
Generally, the life estate is terminated when the life estate owner, or another specified person, dies. Some life estates specify one or more other conditions, known as conditional limitations, which cause the life estate to be terminated. A life estate document will specify when the life estate terminates.
What happens to a life estate after the person dies?
What happens to a life estate after someone dies? Upon the life tenant’s death, the property passes to the remainder owner outside of probate. They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.
What happens if remainderman dies before life tenant?
If the only remainderman on a life estate deed dies before the person with the life estate, the property interest remaining after the life estate passes to the remainderman’s legal heirs. If the remaindermen were joint tenants, the dead remainderman’s interest automatically belongs to the surviving remainderman.
What are the two types of life estates?
The two types of conventional life estate are the ordinary and the pur autre vie life estate. Ordinary life estate. An ordinary life estate ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named third party (remainder).
Is a remainderman an owner?
Remainderman Rights The life tenant is the owner of the property until they die. However, the remainderman also has an ownership interest in the property while the life tenant is alive.
What happens when a life estate comes to an end?
The owner of a life estate (“the life tenant”) has the right to occupy, use and deal with real and/or personal property for his or her lifetime. When the life tenant dies, the remaining interest in the property then passes to the next person entitled, historically named the “remainderman”.