Full question:
If you have a ' life estate' left to one brother on property left to you and your brother does the brother with the life estate havae the right to rent the property instead of living on the property the property is in Ohio but I live in NC
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: North Carolina
Answer:
The brother with the life estate can rent the property to generate income. He has the option to live on the property, make improvements, or sell it. However, the life estate lasts only for the duration of the brother's life. If he rents the property or transfers his interest, it remains limited to his lifetime. A life tenant can sell or mortgage their life interest, but the buyer's rights will also end at the death of the original life tenant. Thus, a life estate cannot be passed on through a will, and it typically reverts to the remainderman named in the life estate agreement upon the life tenant's death.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.