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| Wills, Trusts, Estates Wills, trusts, estates, gift tax planning, etc. |
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#1 |
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My deceased aunt left a house in equal shares to eight nieces and nephews, "subject to (one niece) having the right to live at (the house) as long as she wishes". This seems to fall short of a "Life Estate" in which the recipient of the life estate can also rent out or use the property in any manner until the recipient dies. Life Estate implies ownership of the property, whereas giving the property in equal shares to a group of eight, subject to one person "having the right to live" there, seems to be in conflict with the purpose of a life estate. If a life estate were granted, wouldn't that term be specifically stated in the will?
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#2 |
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Top Level Member
Last Online:
Apr 6th, 2008 12:33 PM Join Date: Mar 2007
Posts: 233
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You should get an estate lawyer to look at the whole will and its intent. Frankly that clause could be interpreted either way depending on the will.
The entire will must be reviewed. |
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