Life Estate In Iowa With Condition Subsequent
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FAQ
A life estate is created when a property owner deeds property to another person but first reserves a life estate for a third party. The recipient of a life estate (known as the "life tenant") has full possession of the property for the duration of the tenant's life.
If there is no third-party remainderman designated in the life estate deed, property ownership reverts back to the grantor, or the grantor's estate. A life tenant pays all property costs, applicable taxes, and insurance while in possession of the property.
However it also has distinct drawbacks. The person who creates the life estate (the grantor) and the beneficiary share an ownership interest in the property, so once a life estate has been established it can't be changed without both of their consent.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
What are the pros and cons of life estates? Avoid probate. Possible tax breaks for the life tenant. Reduced capital gains taxes for remainderman after death of life tenant. Capital gains taxes for remainderman if property sold while life tenant still alive. Remainderman's financial problems can affect the life tenant.