Full question:
What is the responsibility of a person when they are left a Life Lease of a Will/Estate? My husband and his brother's father remarried after their mother passed. New wife moved into their father's home after they married. He died. He wanted her to have a Life Lease even though everything was left to the boys. What is her responsibility to the home over-all. Taxes, property insurance, maintenance fees etc?.
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: Michigan
Answer:
A life tenant, or person granted a life lease, has specific responsibilities regarding the property. They must not damage the property or allow it to deteriorate, which could harm the interests of the remaindermen (those who will inherit the property after the life tenant's death). This means the life tenant must:
- Maintain the property and ensure it is in good condition.
- Pay property taxes.
- Keep property insurance active.
- Handle any necessary maintenance and repairs.
If the life tenant fails to uphold these responsibilities, they may be liable for any resulting damage or loss of value to the property. Their obligation is to preserve the property's value for the future beneficiaries.
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.