Posted: Thu May 27, 2004 10:17 pm Post subject: Estate - Legal rights and interests in your property
Under the United States Common Law, Estate refers to all legal rights, interests, entitlements and legal obligations associated with a property.
In matters related to will and probate, an Estate includes the total property of the deceased owner. An estate on which some interest is held is often called "Estate in Land".
Estates are of the following types.
Life Estate:
A life estate refers to an estate in property that ends at the death of the owner. This implies that the heirs cannot inherit the property after the owner passes away. Neither can the owner convey an interest exceeding what he actually owns in the land. Usually the life of the owner or any other person determines the quantity of life estate.
Estate for Years:
It includes an entitlement to the property by which a person can occupy the land as well as use it for a definite length of time.
Estate at Will:
The occupation of the property by a tenant for an undefined period of time is the estate at will. Each of the parties can terminate the agreement at their will.
Fee Tail Estate:
Fee tail estate describes a property which passes on to the owner's heirs at his death by the operation of the law. Such an estate cannot be sold or transferred through will.
Estates are often a portion of the Fee Simple or Fee Simple Absolute in Common Law. Fee Simple is the most common form of ownership of real estate. It represents complete ownership in a property excepting certain limitations put forward by the government.
In general, estate in land comprises of estates of inheritance and those not allowing for inheritance. The former category includes fee simple and fee tail estates which pass on to heirs under the law with or without restrictions. The estates not meant for inheritance comprise of the estate for years and life estate. Here the owner has no interest in the property title at the end of the specified term and hence cannot convey anything to his heirs.
If a person is inheriting the whole property, then he/she is responsible for paying the property taxes. The inheritor should visit the tax assessor's office and change the name is property taxes. This will allow the bills to come in his/her name.
As far as I know, the person who holds a life estate (the life tenant), has the right to do anything with the property like a full owner could do during his or her life. He or she can rent it out full or part time or even sell the life interest in the property. However the rental or sale agreement should not be for a time longer than the life of the life tenant. _________________ Procrastination is the enemy of your financial sucess
Posted: Wed Dec 17, 2008 8:11 pm Post subject: life estate
Has the law changed? If a widow, whoms name is not on the deed and it is not stimpulated in the deceased spouse's will giving the widow the life tenant's right. Do the widow still have the life tenants right or can the widow be evicted by the deceased spouse's children whom are name as owners of the property???
If there is a deed stating that a life estate has been granted to the widow of the deceased spouse, then the widow will have the right to stay in the property until death. But if there is no such document giving life estate to the widow, then she will have no right to the property. In that case, the children will be the owner of the property and can evict the widow from the property.
Thanks. _________________ Good is the Enemy of Great.
Posted: Fri Apr 10, 2009 10:10 pm Post subject: mortgage
my husband recently passed away we have a mortgage in his name only and a home equity loan in both names what are my rights to the property being my name is not on the actual mortgage
If you are not on the first mortgage, you will not be held responsible for it. But the lender will foreclosure on the property if the mortgage is not paid off. So, in order to keep the house, you should continue making payments. If the home equity loan is not paid off, the second lender, too can foreclose on the property. But they do not do so generally. But as you are on the second loan they can obtain a judgment against you.
Posted: Thu May 14, 2009 12:03 pm Post subject: sell of lifetime rights to a farm
I have lifetime rights to a farm, my 3 children will get this farm when I die, if all 4 of us sign off to sell, they will pay me for my lifetime rights. The children will not have to pay inheritance tax, but will I? Also will I have to pay capital gains tax on the money my children give me, since I do not legally own this property?
Are you still listed on the title to the property? In case you're on the title, you'll have to pay a part of capital gains tax when the property is sold off at a profit. But you do not have to pay the inheritance tax.
Sam
