Remainderman Interest Wills

Life Interest Trusts are most commonly used to create and protect interests in a property.The husband's Will would create a Life Interest Trust or Right of Occupation for his wife, so that she can live in the property for as long as she needs. The Will would then provide that the property passes to the children.

As a life tenant, you may not easily sell or mortgage property with a life estate interest. The remaindermen must all agree if you decide to sell or borrow against the property.

A remainder interest gives the holder the right to take ownership when the life estate has ended. The home will need to be appraised at the time of the gift to determine the value of both the life estate and the remainder interest.

In trust law, a remainder interest is the part of the trust property that remains after the specific devises are given to the intended beneficiaries.

A remainderman may sell his interest in the property, but the buyer would take the property subject to the rights of life tenant.If the life tenant and the remainderman both agree and sign transfer documents, the property can be sold before the life tenant dies.

Transferring property into a California Life Estate is irrevocable. However, all owners, Life Tenants and Remainder man can agree to a transfer. In doing so, there may be tax consequences and/or Medicaid concerns.

A life tenant can sell or mortgage his or her life interest, but the interest sold or mortgaged is limited to the lifetime of the seller or mortgagee.Although the life tenant can sell the life estate, the buyer would have ownership rights only as long as the original life tenant lived.

A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.