Life estate and rent

My partner passed away last year but in his Will he left me 3 apartments as life estate. I am also the

executor. I got the apartment rented out. The estate is not settled yet. I was told that I can collect the rents of

the apartments in my own account and not the estate account. Is it correct?

Asked on May 6, 2017 under Estate Planning, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Once the estate is settled, you can collect rent in your own account, since you will be leasing out your interest: your life estate to live there. Prior to the estate settling, the apartments and right to live ther are estate property, so if leased out, any funds coming in will be estate property and will have to be distributed as per other funds in the estate.


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