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suzyQ
05-30-2006, 04:12 PM
If a family member of mine has been left a life estate, and I have been left the remainder, what rights do I have?

The person left life estate is considerabley older than I am so there is more possiblility that they will pass before me and assumeabley the property is totally mine to do what I wish with it.
But what happens if I do die before the family member? Will they be able to take over the property legally and be able to sell or do what they wish with it? Or can I take actions now to leave this property to my wife and children in case I die before the person left the life estate?

Thank You for any information or advice on this subject.

lwpat
05-30-2006, 07:21 PM
The life estate has to maintain the property and pay the expenses like taxes and insurance. You need to be sure that these are taken care of. If something happens to you, it goes to your heirs. You need to revise your will. The life estate can live there or rent it out. Basically, they can do anything that the actual owner could do except sell the property except commit what is known as "waste."

elklaw
05-31-2006, 05:52 AM
I am not so sure about being able to sell a life estate, as usually, these are usable by the person they are granted to or they xtinguish. You should consult an estate attorney in KY and not rely on this site for legal advice. Also, sometimes, life estates and remainders have conditions on them so you need to get the actual documents and have them professionally evaluated.

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