Typically as in our State, a person who was "LEGALLY" conveyed a "Life Estate" in real estate has the sole and exclusive right to have and to hold to use and enjoy the property as he or she wishes, they have what's called a "present possessory interest" (dont have to live there, they can rent it if they like, its theirs for their life to do as they please subject to some limitations) to the exclusion of all others. HOWEVER his or her rights can possibly be subject to the rights of the REMAINDERMAN (they are holders of whats called in law a "future estate") which means the life estate holder can NOT commit waste and if so the remainders may have a legal cause of action. Unless the remainders can prove waste, its gonna be a tough burden to make the life estate holder evict someone they allow to live there, its NOT a case Id take on a contingency lol
As an attorney who practices in estate planning, conveyance of a Life Estate is a tool I use often provided alllllllllll the circumstances and wishes and pitfalls are addressed. It can be a good or it can be a bad idea AND THATS WHY YOU SHOULD SEEK TRAINED PROFESSIONAL ADVICE for something that serious that can involve a lot of money and heartaches.
A person who holds a life estate can convey their own interest, but cant obviously convey away the rights of the remainders
NOTE its impossible to explain here 100% accurate what takes volumes and case studies to understand and may also be different in different states SO DONT RELY ON ANYTHING HERE POSTED BY LAY OR PROFESSIONALS ME INCLUSED. There are relevant facts and wishes and issues and local laws that need thoroughly researched before rendering a competent legal opinion.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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