Life Estate FAQs
Many homeowners wish to pass their home to their children when they die. One of the possible ways to do that is to set up a life estate.
When an owner of a home signs a life estate, they are essentially giving another person a remainderman interest in the ownership of their home. An elder law attorney or legal guardianship lawyer in New York can help explore whether this is the best way to help with your estate plan.
The life tenant gives up certain rights that they had as the sole owner. Life tenants need to get approval from the remainderman if they want to sell the home, lease the home, or get a mortgage. Even if the remainderman agrees to the sale of the house, they’ll get part of the money made from the sale.
These are all things you should take into consideration before choosing to set up a life estate plan in New York.
The opportunity to simply pass your home to your heirs via a life estate can be a good option. But there are drawbacks to life estates that should be considered before entering into this legally binding transaction.
An experienced elder law attorney or legal guardianship lawyer can help you decide if a life estate plan is right for your situation and draft any legal documents that are needed. Please call the Law Offices of Michael Camporeale, PC for a free consultation at (718) 475-9639.
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