If you have a life estate and you decide to move, is the life estate voided.?
Tuesday, September 7th, 2010 at
5:05 am
My sister purchased the family farm five years ago. My Mother has a life estate. My sister and her husband lived in the house with my Mother. Due to problems, my Mother is having, she is planning on moving to an apartment in a near by town. My question is, since she has a life estate, and moves out of the house, is the life estate void? Or does she have the option that she can come back and continue the life estate?
Filed under: Estate Planning
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No the life estate is not voided. She still has an interest in the property until she dies. Matter of fact, she could sell her life estate to another person. That person will have the right to live there until your mother’s death. The risky thing about buying life estates is that the person may die tomorrow and there is nothing you can do. You mother has the right to come back and continue her life estate. The only way the life estate could end, before your mother’s death, is that both parties agree to break the life estate. A legal paper will need to be prepared and recorded by your lawyer.
She can come back and continue the life estate, it is suposed to garauntee her place for life. Contact a lawyer in your area and ask them over the phone
Life estate means just that, she has the life estate for the rest of her life.
If she moves, she can move back anytime she wants.
Unless the document your mother signed with your sister contains such a clause that makes the agreement null and void upon a permanent move by your mother, then no, she can come back.