QUESTION

The home is in a Trust. Can the home have a life tenant (life estate) to one of the Trustees?

Asked on Nov 07th, 2013 on Estate Planning - Florida
More details to this question:
Home is in a Trust. One of the Trustees (son/brother) has taken care of the parents. Parents want to reward in some fashion, possibly by letting son live in the home after parents are gone, but keep home in the Trust.
Report Abuse

1 ANSWER

Estate Planning Attorney serving Jacksonville, FL at The Coleman Law Firm, PLLC
Update Your Profile
It's difficult to answer your question conclusively without more information, but there are some general rules that apply. Florida has some special rules concerning homestead property, which is defined as the principal place of residence for husband and wife, in this context.  The parents would not have the legal right to provide anyone but the surviving spouse with the right to reside in the home for so long as either spouse is alive.  I am also assuming for purposes of answering this question that there are no minor children of the parents. If the parents' desire is to maintain the home in trust after both of them die, then the trust can be amended to include a provision that the son who has provided care for the parents would be entitled to live in the home for whatever period of time the parents would like to provide for him. At that point the amendment to the parents' trust could provide for whatever use or disposition of the home they desired. In the situation you have described, the right of the son to live in the home technically would not be a life estate, it would simply be a provision of the trust allow the son to have beneficial use of the home for the designated period of time, including a term that expired upon his death. Your parents may want to consult an estate planning attorney to evaluate their options.  
Answered on Nov 08th, 2013 at 4:24 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters