Asked by: Yolando Kienerasked in category: General Last Updated: 4th May, 2020
Does a life estate have to go through probate?
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Herein, what happens to a life estate after death?
Life Estates. A “life estate” occurs when a person has a legal right to use property during life, but does not own the property outright. That person is called the “life tenant." After the death of the life tenant, the property passes to the named beneficiaries, called “remaindermen.”
Furthermore, does a person with a life estate own the property? A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
Also question is, does a life estate override a will?
A: It's not clear when the life estate was created (perhaps something to do with the living trust?), but in general a deed creating a life estate and remainder supersedes a will. Whether he marries or not would not normally extend his life estate; it would end at his death in any event.
Who pays taxes on a life estate?
For example, life tenants retain the Income Tax Deduction for Real Estate Taxes. As the owner of the property by virtue of the life estate, a life tenant may continue to deduct the real estate taxes he pays on his federal income tax return. (I.R.C. §164(a); Reg.