Understanding Life Estates

Understanding Life Estates

Understanding Life Estates

Life estate arrangements can get complicated if they are not understood clearly enough. There are things at stake if there are confusions or misunderstandings concerning the matter. So let's start with the simplest question: What is a life estate?

A life estate can be a piece of property a house, a tract of land, etcetera. A life estate is owned for the span of your entire life, but you will not inherit it, nor can you specify where it will go after you die. You get to own the piece of property while you still live, but it is not titled to you.

Allow us to explain through a simple example. Let us assume that there is a widow who is to get married for a second time, and part of her arrangements with her new husband is that they will move in into her house. The thing is, she has children from her previous marriage and she wants them, not her new husband or any of his family, to inherit the house after she dies. However, she does wish that her new husband have some place to stay should she die first. He can live there, but he will not inherit it, the children will.

The new husband will have the house as a life estate; he can live there for as long as he lives and do whatever he pleases with and in it, but he will not inherit it. He does not have a say where it will go after he dies, nor can he sell it. He is, however, responsible for maintaining it in good condition. The children of the widow from her first marriage will inherit the house after the second husband dies, as this is what the widow has wished.

You can create a life estate through your will, property deed, trust, or a prenuptial agreement. It is best to hire a lawyer to help you through the proceedings instead of doing it all by yourself. It is more helpful to have someone more knowledgeable or more experienced to help you with your arrangements so that your plans will go smoothly.

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