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Does a life estate override a will?
In this article, you’ll learn about:
Let’s dig in.
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Yes, a life estate does override a will.
A life estate sets who uses a property during their life.
After they die, the property goes to a designated person.
This setup is made while the owner is alive.
A will says how someone wants their property shared out after they die.
If someone already set up a life estate for a property, a will can’t change where that property goes after they die.
So, yes, a life estate does override a will concerning that property.
Yes, a life estate can be contested.
People might challenge it if they believe the life estate was created under pressure, fraud, or when someone lacked mental clarity.
However, contesting a life estate requires legal processes and evidence, and often involves courts.
In a life estate, the life tenant has the right to use and live on the property during their lifetime.
The remainderman has ownership interest but takes full possession and control only after the life tenant’s death.
So, while the life tenant is alive, they possess and use the property.
But the remainderman is the ultimate owner waiting for their full rights to activate upon the life tenant’s passing.
In a life estate, the life tenant is typically responsible for paying the property taxes and maintaining the property.
If the life tenant fails to pay the property taxes, the remainderman could potentially lose the property.
So they have an interest in ensuring taxes are paid as well.
However, specific arrangements might be made differently in the life estate agreement.
So it’s essential to refer to the agreement’s terms or any local laws governing life estates.
Someone with a life estate, known as the life tenant, has the right to use and live on the property for their lifetime.
They can sell their life estate interest in the property.
But they cannot sell the property in its entirety without the consent of the remainderman.
Let’s say the life tenant does sell their life estate interest.
The buyer would only have the right to use the property for the duration of the original life tenant’s life.
After the life tenant’s death, full ownership of the property would still pass to the remainderman.
Removing someone from a life estate can be complex.
The method can vary based on the circumstances and jurisdiction.
However, here are ways to remove someone from a life estate:
If a life tenant moves out of a property associated with a life estate:
Here are other questions clients ask us about life estates.
When talking about life estates, you’re discussing:
Here is when you have to pay capital gains on a life estate:
No, a person with a life estate does not own the property.
A person with a life estate can use and live on the property for their lifetime.
However, they don’t fully own it.
They can’t sell the entire property on their own.
After they die, the property goes to another person called the remainderman.
So, they have use rights, but not full ownership.
When a person with a life estate dies, their right to the property ends.
The property then goes to the next person in line, called the remainderman.
The remainderman gets full ownership and control of the property.
Simply put, after the life tenant dies, the property fully belongs to the remainderman.
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