Legal Question in Wills and Trusts in Texas

What can be done with a 1/3 life estate

I have a 1/3 life estate in my late wife's residence where I live. She had no will, 3 children and left NO other assets. I understand that I may live there for my lifetime, which is only fair since I paid to save it from foreclosure and years of mortgage payments and improvements with other than community funds during the time that we were married. Must it go through probate to get my name on the deed so I can claim my disability for an additional tax exemption? Can I take a home loan against my interest in the property? If I rent it, do I keep all of the rent after I pay the taxes and insurance? If I sell, how are the proceeds split? In other words,what does my ''1/3'' really mean?


Asked on 3/26/04, 2:29 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: What can be done with a 1/3 life estate

Your 1/3 life estate means you can live there, or rent it out and keep the rentals, for the rest of your life. You can't get the deed in your name. You can't sell the property, and I seriously doubt that anyone would buy a life estate.

Read more
Answered on 3/26/04, 3:08 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Texas