Legal Question in Real Estate Law in New York

What is the difference between Lifetime Usage and Lifetime Estate (LU, LE) when preparing a deed to transfer my parent's house to my sister and I? They will have lifetime usage and it will transfer to us when they pass away. New York

Asked on 11/17/17, 11:53 am

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

Where are you reading about those terms "lifetime usage" and "lifetime estate?" The legal term for what you're talking about (if I understand you correctly), is "life estate." You would say "mom and dad are transferring, by deed, the house to brother and sister, as tenants in common, and retaining for themselves a life estate in the home." I have to caution you to be very careful here, as this sounds like a good idea, and it almost usually is, but there's also a possibility your plans can backfire. Be careful, and good luck.

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Answered on 11/18/17, 6:28 am

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