Life Tenant In Property
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FAQ
The person with the right to use the property is a life tenant. The individual with a future right is called the remainderman. Once the life tenant passes away, the remainderman owns the property outright.
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.
Which type of estate cannot pass by inheritance? A conventional life estate reverts back to the grantor automatically and immediately at the death of the life tenant. There is no interest remaining for the life tenant to pass on to their heirs.
Life Estate This tenant is responsible for the general upkeep of the property for as long as they live. A life estate is held only for the life of the grantee and cannot be inherited as it automatically reverts to someone else upon the grantee's death.
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.