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Life Estate

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Zardoz Guest	Posted: Sat Apr 30, 2011 3:40 pm    Post subject: Life Estate Like 0 Dislike 0 I was given a life estate in a property in 2005 I moved from the property in 2006 and was told by the attorney for the estate that this would revoke my life estate to which all parties agreed. Now 5 years later the heir that assumed the estate refuses to pay the property taxes which according to the estates attorney would be taken care of. Now I'm named in a lawsuit for the back taxes and they are looking for a revocation of life estate which was not filed by the estates attorney. Would a quitclaim deed in this matter solve it or do I need a revocation of life estate? I'm confused. Thom _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun May 01, 2011 8:53 pm    Post subject: Like 0 Dislike 0 Welcome Zardoz, Though you move out of the property, I don't think the life estate will be revoked. And if it was revoked, then you couldn't have been sued for the property taxes. As the lawsuit has been already filed against you, I don't think a quitclaim deed can help you. Nevertheless, you should speak to a real estate attorney in this regard and sort out the matter. _________________ Procrastination is the enemy of your financial success

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