QUESTION
when a person signs over their house to another person, but establishes a 'life estate', who owns the property?
Asked on Jun 04th, 2013 on Estate Litigation - New York
More details to this question:
with a 'life estate' deed does the life tenant always keep full ownership of the property and does the remainder man have any protection from being evicted?
1 ANSWER
1 Award
"Owns" is not the right word. It means ownership is split. While the life tenant is alive, they have exclusive rights to occupy the property, and the responsibility to manage it and pay expneses. When they die, those rights go to the remainderman.
Answered on Jun 09th, 2013 at 7:24 AM