Life Estate Interest
What financial interests does a grantor have in a life estate interest on real propery? There is a warranty deed filed listing the grantor's children's names in the deed.
1 Answer from Attorneys
Re: Life Estate Interest
Not sure if I understand your question but here is how the various roles play out:
Grantor sells/conveys his/her interest to Grantee, reserving a life estate in the subject property. Grantor is entitled to use that property during his lifetime, but at the point of death (without the need for probate, deeds, filing etc) the real estate automatically becomes the property of the Grantee. Grantor could have sold his life interest but that life interest would terminate upon Grantor's death, so the uncertainty of that interest makes them unmarketable. If you are asking whether Grantor could leave anything to his kids, the answer is no. He has nothing to leave.
William G. Nolan
Nolan Elder Law