Does A Life Estate Override A Will?
A life estate is a type of ownership interest in property that is held by an individual for their lifetime. A deed or Will typically creates this type of interest, and it gives the holder the right to use and occupy the property for as long as they live.
After the holder dies, the life estate ends and the property passes to the remainderman who is named in the deed or Will. In some cases, a life estate may override a Will. This can happen if the Will does not expressly state that the life estate is to be terminated upon the holder’s death.
If the Will is silent on the matter, then the life estate will continue, and the property will not be distributed according to the terms of the Will. The fact that a life estate may be able to trump the instructions in a Will could prove to be very valuable.
In many cases, it can allow an individual to prevent their family members from receiving a property that they do not want to leave behind.
What Is A Life Estate In Florida?
In Florida, a life estate is a type of ownership interest in real property that is held by one or more persons for their lifetimes. After the death of the last surviving life tenant, the property passes to the persons named as remaindermen in the life estate deed.
A life estate can be created by deed, will, or contract. A life estate deed conveys ownership of the property to the life tenant for their lifetime, with the remainder interest passing to the named remaindermen upon the life tenant’s death.
The life tenant has the right to use and possess the property for their lifetime, but they do not have the right to sell, mortgage, or otherwise convey their interest in the property. A life estate can also be created by a Written Contract.
This type of arrangement is typically used in situations where an individual has already mortgaged the property and wants to continue holding title to the property while they live in their house.
A life estate ending upon the death of the last life tenant would not be possible under a contract because both parties would be interested in selling their interests.
After one or more of the life tenants dies, ownership of the property passes to each of their named remaindermen. If none is named, then ownership passes to his heirs at law.
Can You Evict Someone With A Life Estate?
It is possible to evict someone with a life estate, but certain circumstances must be met for this to be done. First, the life estate must be for a specific duration of time and not for an indefinite period.
Second, the eviction must be for a reason that is specified in the life estate agreement. Finally, the eviction must be carried out in accordance with the procedures set forth in the agreement. If all of these conditions are met, then it is possible to evict someone with a life estate.
How Is A Conventional Life Estate Created?
A conventional life estate can be created using a deed, specified in a will or included as part of a trust. The life tenant has the right to use the property for his or her lifetime, with the remainder interest passing to one or more remaindermen.
The life tenant has the right to sell, mortgage, or otherwise transfer his or her interest, but the remainderman does not have that same right. Upon the life tenant’s death, the property will go to his or her named remaindermen.
Life Estate Clause In Will Example?
A life estate clause in a will is an example of a testamentary disposition. A testamentary disposition is a disposition of property made by will or by some other instrument that takes effect upon the testator’s death.
A life estate clause in a will allows the testator to give someone the right to use the property during their lifetime, after which the property will revert back to the testator’s estate.
The life estate clause will specify the duration of the life estate, which can be either a fixed term or the life of the person who holds the life estate.
The life estate clause can be used to give someone the use of the property during their lifetime while still allowing the testator to retain full ownership of the property.
If the testator dies before giving a life estate to someone, and that person is not named in their will, then the testator’s estate will continue to own the property.
However, instead of passing onto other members of the family, it will pass to those persons named as remaindermen in the life estate clause.
If a life estate is given to someone not mentioned in a testator’s will, then this does not make them heirs of the estate. Instead, they become remaindermen in accordance with that person’s wishes.