QUESTION
With a life estate, can I be reimbursed for maintenance costs incurred at the time the house is sold?
Asked on Jul 05th, 2013 on Estate Planning - New York
More details to this question:
My father purchased a life estate in my home. After 2 years, he moved to an assisted living facility. I continued to pay all maintenance and other costs on the property. It is now necessary to sell the home. In selling the home, can I be reimbursed for his portion of the maintenance and improvements incurred since he moved out. I am the remainder man and would have about 70% of the profit with my dad getting about 30%. He has not had the funds to pay toward maintenance costs when they were incurred.
1 ANSWER
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Without reviewing the document that formalized the life estate, the life estate is 'an interest in real property held by a party during his or her lifetime with the exclusive right or possession, control and enjoyment'. Monies that were expended to protect that life estate would be reimbursable. The question appears to be from whom- it would be difficult to oppose your request you be reimbursed from your father's share.
Gerry Wendrovsky, Esq.- Upper West Side Estate Lawyer
www.upperwestsidelawyer.com
Answered on Jul 22nd, 2013 at 1:42 PM