How do we create a life estate?

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How do we create a life estate?

This is so that I can remain in our home that is owned by my life partner but have it go to his son on his death.

Asked on May 9, 2013 under Estate Planning, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You are attempting to do some estate planning, which is admirable and always a great idea. But the way that you have phrased the question leaves me thinking that you may not fully understand how a life estate would work here.  I think that what you wish to do is that should your partner dies he wishes that you be allowed to remain in the home until your death and then his son would inherit the home.  Is that correct?  His son would be the remainderman under the law.  But there are some problems that can come with this arrangement.  Should you go in to a nursing home for instance then the son would have no right to do anything with regard to the house until you passed.  So there are ways to allow him some rights in those type of situations and your partner should explore those rights with an attorney. Some states allow the deed to grant a life estate but in all a Will is a good avenue as is a Trust.  Good luck.

 


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