Legal Question in Wills and Trusts in New York
My inlaws are planning to give a life estate in their primary home to a daughter (one of 8 children). They are planning to do this when they are no longer able to take care of themselves. When they die, the house is to be passed to all 8 children in their will. Can someone have both a life estate and an interest in the same property.
2 Answers from Attorneys
A life estate is given for the life of the beneficiary, and starts after the owner dies. An owner cannot have a life estate.
I do not entirely agree with David, that the life estate cannot take effect until the owner dies, and it can be effective during their lifetimes. I am more concerned on what happens when then die and the house becomes the property of all siblings, including the life tenant. Do your in-laws understand that the house is usually non-salable when there is a life estate in it? Who is responsible to pay the house bills - the life tenant or all owners, and in what proportions? There are a lot of nuances involved in doing what they are planning, and all of them should be spelled out very clearly in the document creating the life estate, so everyone understands their rights and responsibilities.
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