Life Tenant Of Estate
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FAQ
The life tenant is the property owner for life and is responsible for costs such as property taxes, insurance, and maintenance. Additionally, the life tenant also retains any tax benefits of homeownership.
The life tenant must maintain the property, make any existing mortgage payments, pay property taxes, and keep the property adequately insured. Without the consent of the remainderman, the life tenant may not take out a new mortgage or otherwise encumber the property.
A life tenant has the right to sell the life at will. A person who gives a life estate to another is called a life tenant. A life tenant can possess the life estate to the point of rendering it worthless by permanent damage. A life tenant is treated as the owner of the property for the duration of the life.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
Life Estates establish two different categories of property owners: the Life Tenant Owner and the Remainder Owner. The Life Tenant Owner maintains the absolute and exclusive right to use the property during his or her lifetime. This can be a sole owner or joint Life Tenants.