What are the Drawbacks of a Life Estate?

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.