What happens when a life tenant wants to move to a retirement facility?

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What happens when a life tenant wants to move to a retirement facility?

I am the trustee of a QTIP trust for which the only asset is a condominium. My stepmother ls a life tenant in said property. My understanding is that this means that she is allowed to live in the property for the duration of her life. She has now expressed a desire to move to a retirement facility. What are my responsibilities in this situation?

Asked on August 6, 2010 under Estate Planning, California

Answers:

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

Answered 10 years ago | Contributor

I would seek help from an attorney in your area with this, as you as the trustee need to be protected from doing anything that may be against the interest of the beneficiary of the QTIP trust, your step-mother.  In other words, if she wishes to give up her rights to the life estate then she needs to do so in writing to protect you and the actual property beneficiaries who would receive the asset upon her death.  A QTIP trust - qualified terminable interest property - is a living trust and is subject to the laws of the state in which they are written.  It is my understanding that a party can indeed give up the rights the have received under the trust.  But again, please do so with the help of an attorney familiar with this area of the law.  Good luck. 


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