Maine  |  Real Estate Law

Legal Question

Asked on: 6/08/13, 10:21 am

I have a fully funded Living Trust in Virginia in which is registered all of my real estate, in fee simple. I am looking for the legal way to convey (bequeath) my family Maine vacation property (eventually) to grandson G, while giving total use of the property to 40's daughters A and B, who really want it during their lifetimes, because 20's adult G presently does not have the income to support the property, but would eventually get the property to keep it in the family.

Is the (better) legal way for me to bequeath the property to G with a Life Estate to A and B, where A and B share the expenses of maintenance and repairs, along with any rental income during their lives, with the Estate in Remainder going to G at the death of both A and B, or do I give a Life Estate to A and B with the Estate in Remainder going to G, who would then own the property in Fee Simple?.

May A (or B) give up (renounce) their Life Estate to B (or A), or to G in which case does the expenses and income of A go to B (or the reverse, for example), or may both A and B give up their Life Estate to G during their lifetimes, along with shedding the paying of the expenses and receiving income, with the giving up of their Life Estate?

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