QUESTION
What happens to a property being transferred via quitclaim deed w/ life estate when the person receiving passes before the current owner.
Asked on Feb 12th, 2014 on Wills and Probate - Massachusetts
More details to this question:
So here is my question, slightly complicated. My mother in law left my partner (her son) her house that we all live in via quitclaim deed with life estate so it will transfer to her when she passes. We were making our wills and the topic of property came up, the question is this: I am the sole beneficiary on his and he is on mine. In the event something happens to him before his mother passes what happens to the property that is to be granted to him ? Does it transfer to me or go back to her in the entirety? Details; State is Massachusetts: Property is paid off no mortgage
1 ANSWER
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The Grantor of a life estate (the Mom) retains a "Reversion". Simply put, this means the property will revert back to the Grantor (the Mom if still alive) or her estate (if she's dead) upon the death of the life tenant (the son)
A Life Estate is just that, a tenancy for life measured by the life of the Grantee (the son) so the son cannot devise in a will something he will no longer have upon his death.
Answered on Feb 13th, 2014 at 3:10 PM