Q:
Can a life estate be revoked?
A:
Quick Answer
A life estate cannot be revoked if it is given through a will. A life estate can be revoked if it is given by deed while the grantor was alive.
Continue ReadingFull Answer
A life estate is a property right wherein the life estate holder has rights of use and enjoyment of the property but is limited in what she can do with the property. Life estate holders cannot mortgage the property or leave the property to another person in their will. The ownership of the property terminates at the life estate holder's death. Life estates are often used to control who the property goes to after the person holding the life estate dies.
Learn more about Financial PlanningRelated Questions
-
Q:
What is a personal representative of an estate vs. the executor?
A: The executor is named in the will as the individual responsible for distributing the assets of the estate, according to William R. Simon Jr. for SAN DIEGO ... Full Answer >Filed Under: -
Q:
What is the definition of probate estate?
A: A probate estate is the total of all assets owned by a person at the time of his death as stipulated in his will. A probate court must prove a will is genu... Full Answer >Filed Under: -
Q:
What is a small estate affidavit used for?
A: A small estate affidavit is a document from an inheritor of a piece of property under a state law or will that allows the inheritor to claim the property, ... Full Answer >Filed Under: -
Q:
What is a life estate deed?
A: A life estate deed legally transfers the title of property to a designated party after the death of the original party. The original party is called the gr... Full Answer >Filed Under:
