When someone creates a life estate (the “grantor”), she devises a certain piece of real estate to someone for his life (the “life tenant”). Once he dies, ownership of the property either reverts back to the grantor, or goes to the future estate holder (the “remainderman”), depending upon the language that the grantor uses.
Life estates can help achieve the following goals:
When considering whether a life estate fits your needs, it is important to understand what the life tenant may do with the property during his lifetime, the limitations on what he may do, and the requirements he must follow in order to maintain the property.
The benefits and drawbacks of life estates as compared to other methods for conveying real estate should be considered carefully to ensure that you have all the information necessary to create an estate plan that works for you.
If you have real estate in New Hampshire and have been considering creating a life estate, if you have other real estate needs, our lawyers are ready to get the conversation started. Call (603) 883-0797
Author is Thomas J. Leonard
This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.