How did I give up a life estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How did I give up a life estate?
I have a life time estate. I can no longer cannot maintain the property. I am not financial able and my heath is failing. I want to give it up. How do I do it?
Asked on July 10, 2018 under Real Estate Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You have a real estate interest, so you will need to transfer it to the remainderman (i.e. the person who is supposed to take over the property upon your death). They would then own the property outright. That having been said, you should have a real estate attorney read the instrument that dictates the terms of the life estate in order to determine the consequences of early termination. The fact is that even if you deed over your interest, you may still be responsible for any expenses that accumulated during your possession. Also, you may be able to rent the property to a third-party instead. Again, you should contact a lawyer to help you with this.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.