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life estate

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Lisa Two Guest	Posted: Sat Feb 05, 2011 2:44 pm    Post subject: life estate Like 0 Dislike 0 I am the granter of my mom's life estate and she has recently died. Her boyfriend currently lives there. If he chose to move am I forced to sell the house and split it with him since his name is on the deed as a life estate?? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Feb 06, 2011 11:18 pm    Post subject: Like 0 Dislike 0 Hi Lisa, If you sell off the property, then you'll have to split the amount with the boyfriend if his name is mentioned in the life estate. Moreover, the boyfriend should agree to the sale of the property. _________________ Procrastination is the enemy of your financial success
jheard Moderator Joined: 12 Dec 2007 Posts: 742 Location: Houston, TX 117.92 Dollars($)	Posted: Mon Feb 07, 2011 9:06 am    Post subject: Like 0 Dislike 0 A life estate is an interest in property for the term of a person's life. Once that person dies, the interest reverts to the "remainderman" (or "remainder beneficiary" or "reversion beneficiary") who is named in the deed. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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