A life estate involves a transfer of an interest in real estate property from the owner to a recipient. The recipient or “life tenant” assumes all the benefits of owning the property for their lifetime, with the property returning (reverting) back to a “remainderman” after their death.
Thus, the main characteristic of a life estate is that it is limited in duration to the lifetime of the life tenant. In some cases, the duration of the life estate may be limited by the life of another person, such as a spouse or child of the original property owner.
Also, in some cases, the property may be transferred to a different person besides the original owner once the life tenant passes away. These types of restrictions and limitations are usually specified in the written document covering the transfer.
Life estates can be a particularly favorable type of transfer, especially where there is an interest in having the property revert back to its original owner. However, due to its complex nature, life estate arrangements can often lead to various types of property disputes.
One common area of dispute involves the property owner’s duties. For example, the life tenant has various duties to fulfill, such as protecting the property from encumbrances, and resolving certain real estate tax issues. Failing to fulfill these obligations can harm the future interests of the remainder persons, and is often legally considered to be waste.
Other types of life estate property disputes can involve:
Most of these types of disputes can be avoided through clear, proper drafting of the transfer agreement, which generally requires the assistance and oversight of a lawyer.
Remedies for life estate property disputes can entail:
Of course, the remedy to be applied will depend on the nature of the dispute; in some cases, multiple remedies can be prescribed.
Some life estate disputes can only be resolved through the intervention of the court due to the complexity of the legal issues involved. If you have any questions or disputes about a life estate transfer, you may wish to contact an experienced lawyer in your area. Your attorney can help you file a claim in court, and can review the relevant documents to determine your legal options.
Last Modified: 12-03-2012 03:43 PM PSTLaw Library Disclaimer
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