Legal obligations of grantor of life estate
Does the grantor of a life estate involving real property (land and improvements) remain legally responsible for payment of taxes and/or insurance on the property even though he no longer has legal possession or control of the property?
Asked on 9/03/99, 5:26 pm
1 Answer from Attorneys
Hugh Wood
Wood & Meredith
Re: Legal obligations of grantor of life estate
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Generally, taxes are the duty of the life tenant. Generally, the G'or is not responsible for same. However, as with all ad valorem taxes, if they are not paid (by whomever) the state will eventually sell the land for non-payment of taxes. The documents that may change this analysis are the deed out to the life tenant an its provisions. Any contract between the G'or and the Life tenant (there probably is not one) and Arkansas law. Hugh Wood
Answered on 9/08/99, 6:05 pm
