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What is the downside of a life estate?

In spite of these uses, life estates have limitations. The life tenant is responsible for property taxes, maintenance, and insurance. Also, they cannot sell or mortgage the property without the remaindermans consent.

Can a will override a life estate?

Usually, a life estate overrides a will. That is, if a life estate says one person will get full ownership of a property after the owners death, and the will dictates something else, the life estate generally prevails.

How does a life estate work in Washington state?

A life estate is an ownership interest in real property where the life estate owner (life tenant) has the right to possess the property during their lifetime. Upon the passing of the life tenant, the life estate reverts to an original owner (or somebody else) and the life estate ceases to exist.

What is the purpose of the life estate?

A life estate is a type of legal joint property ownership. The owners have the right to use the property for life under a life estate. The life estate process is typically adopted to streamline inheritance and avoid probate.

How do you get around a life estate?

Undue Influence or Duress. Sometimes grantees exert undue influence on the grantor and manipulate the grantor into signing the life estate deed. Undue influence can involve force and pressurephysical or mental. For example, a caregiver may have undue influence over a sick parent.

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