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Life estate clause

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Mary54 Guest	Posted: Wed Jan 04, 2012 1:12 pm    Post subject: Life estate clause Like 0 Dislike 0 My father willed my sister his home but indicated my nephew whom he adopted can live in the house. Is there any way out of this? Once the property becomes hers, can she sell it or quit deed it to another relative? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jan 04, 2012 6:35 pm    Post subject: Like 0 Dislike 0 As far as I know, a life estate is guaranteed untill the person the life estate was given, has passed. Then the estate would revert to the proper heir. Check with your states DRE _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jan 04, 2012 9:28 pm    Post subject: Like 0 Dislike 0 Hi Mary! Welcome to forums! If your father had specifically mentioned that the nephew will receive a part of the property, then it might be difficult for your sister to sell off the property without his permission. However, it is always a better option to discuss the situation with a real estate attorney. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Thu Jan 05, 2012 1:48 am    Post subject: real state.... Like 0 Dislike 0 Hello mary, A life estate is an interest in the real property upon which the dwelling sits. The property affected by the life estate is the premises described in the deed to the property. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jan 05, 2012 12:18 pm    Post subject: Like 0 Dislike 0 I love redundancy _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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