Life estate and rent

UPDATED: Sep 30, 2022

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Life estate and rent

My partner passed away last year but in his Will he left me 3 apartments as life estate. I am also the

executor. I got the apartment rented out. The estate is not settled yet. I was told that I can collect the rents of

the apartments in my own account and not the estate account. Is it correct?

Asked on May 6, 2017 under Estate Planning, New York


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Once the estate is settled, you can collect rent in your own account, since you will be leasing out your interest: your life estate to live there. Prior to the estate settling, the apartments and right to live ther are estate property, so if leased out, any funds coming in will be estate property and will have to be distributed as per other funds in the estate.

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 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.

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