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Inheritance through life estate - wondering about residency?
Hi,
My grandfather whom my family lives adjacent to has setup a life estate plan which of course gives him the rights to live on the property so long as he is alive. (and we hope he is there for some time because he's a hoot to live next to!!!)
Anyway, I'm a bit confused on how the process works. If he dies, I believe that is when everything is fully conveyed over to me is this correct. (I believe I am called a remainderman or something like that).
Unfortunately, he's had a few small strokes lately. :( Nothing real serious but just small things he can't do anymore.
I'm not sure what is going to happen, but my mother is talking nursing homes soon, especially if he has another small stroke. She has the power of attorney over him.
If he were to go to a nursing home and leave the property, does that give me the right as a remainderman to live in the property itself? I mean it would be vacated and all, and I certainly would want to maintain the property (it's literally NEXT DOOR).
My mother has power of attorney for him if he becomes unable to care for himself or make decisions.... I am just not sure when the house "officially" is transferred. Is it upon death or upon him being (hypothetically) incapacitated? (this stinks thinking about it). The doc has him on strong meds, but said that it is probable more strokes will happen soon.
I just don't know if he goes to a nursing home, do I need to take over the bills/taxes and just leave the property empty? Or do I have the right as a remainerman to go take care of the property - or perhaps even live there.
Sorry, just kind of blank on this one. I know it is just a "life estate", and have found information on if he dies.... His family has a history of men that have had "small strokes" over the course of a decade. That's a long time to upkeep a home and pay taxes if he's not even there.... :(
Anyway, I thank you for your time, knowledge, and answers.
***I'm sorry in the first paragraph the life estate for his home is in my name directly. I'm sure you guys figure it out through the rest of the question but just wanted to clarify.
2 Answers
- MarkLv 77 years ago
You seem to be saying that he conveyed the property to you and reserved a life estate. He has a present interest in the property, and you have a remainder interest. If he enters into a nursing home and it appears likely that he will never be able to return to the property, the court, upon petition, can accelerate the remainder. You have to hire an attorney to make this happen.
If your grandfather is incapable of paying real estate taxes, mortgage payments, utility bills, and household upkeep, you will have to do so to protect your interest in the property. You don't want to have the municipality sell the property for unpaid taxes, and you don't want to lose the property to a mortgage foreclosure.
Best advice I can give you is to consult with a real estate attorney. There are legal ways that can be used to accelerate your remainder. The things to consider are: he is in ill health and according to medical opinion, is unable to return from a nursing home to live in the dwelling; he is unable to pay taxes, insurance, and upkeep of the property, such charges, if unpaid will result in the diminution of the value of the property to the detriment of the remainderman. Your grandfather will have an option to contest such legal action, but I believe he will not. As I previously stated, an attorney can explain this better to you.
- likepepsiLv 77 years ago
Unless you have been granted special rights, you have no ownership interest in the property until he dies.
However, it would be unwise to not maintain the property, make sure taxes are paid, etc.
The way I see it, if his health meets the standard to trigger the power of attorney, your mother would have the ability to use his funds to ensure bills are paid, pay for any home maintenance, and give you permission to live there, assuming the power of attorney is sufficiently broad. If the power of attorney is not yet in effect, he could give you permission to live there also. And your maintenance of the property would be something you would want to do anyway, but not because you have any special ownership rights.
