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After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
The Lifetime Owner of the property has absolute and exclusive right to use of the property during their lifetime, which expires automatically upon the death of the last to die of the Life Tenant(s). The Life Tenant can be one individual or there can be joint Life Tenants.
After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
If a life tenant or other person with a qualifying interest in possession dies and the property continues to be settled property or a beneficiary becomes absolutely entitled to the property, the trustees are deemed to have disposed of it and reacquired it at market value.
All that is required to transfer title is that an affidavit of death of life tenant or surrender of life estate, as relevant, be recorded with the county recorders office. During the period of the life estate, the life tenant has all the obligations of ownership, including paying the real property taxes and insurance.
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A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenants death.
The gross estate consists of the value of all property (real or personal, tangible or intangible) owned by a decedent or in which the decedent had an interest at the time of death. See I.R.C. 2031(a). Generally, assets are included in the gross estate at their fair market value on the date of the decedents death.
65C, 5(b), as amended, effective December 31, 1985, the Massachusetts gross estate includes the value of annuities, life estates, and other partial property interests, determined according to the 10% unisex actuarial tables in effect at the decedents date of death, under Code 2031, in effect on January 1, 1985.
65C, 5(b), as amended, effective December 31, 1985, the Massachusetts gross estate includes the value of annuities, life estates, and other partial property interests, determined according to the 10% unisex actuarial tables in effect at the decedents date of death, under Code 2031, in effect on January 1, 1985.
Massachusetts does not allow real estate to be transferred with transfer-on-death deeds.

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