If a house is gifted after a life estate is formed, does this void the life estate?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If a house is gifted after a life estate is formed, does this void the life estate?

The 2 individuals involved are the same in both instances

Asked on December 8, 2012 under Estate Planning, New York

Answers:

Victor Waid / Law Office of Victor Waid

Answered 10 years ago | Contributor

Assuming the person has died, and since the receiver of the life estate is the same person receiving the asset from deceased by will, then the life estate is subsumed by the grantee under the terms of the will and grantee can do anything they want to do with the property after the probate court has issued their order in transferring the prperty to you.

Catherine Blackburn / Blackburn Law Firm

Answered 11 years ago | Contributor

I don't know what you mean by "gifted."  If you mean gifted by deed, this has one consequence.  If you mean gifted by will and the person has not died, it has a different consequence.  If you mean gifted by will and the person has died, then Mr. Waid's answer applies.

If the homeowner is still alive, I suggest he or she consult a lawyer and make all the legal paperwork consistent with his or her current intent.  Allowing legal documents to be inconsistent leads to litigation and unnecessary expense.  It is far cheaper to engage a lawyer to prepare a solid life plan than to clean up a mess later.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption