Posted on: 17th Dec, 2009 04:24 pm
My mother died 7 years ago and her will left me the real estate and property therein, and left my sister life estate. My sister is on a fixed income (SSI,Disablity) and up until a month ago I was her Designated Payee. I had been putting monies in a maintenance account to pay taxes, insurance and any repair costs ( the house is very old and was built for a summer vacation home and is falling apart.
She made the decision to remove me from her DP and is refusing to pay taxes, insurance, etc., saying it is my responsibility since I own it. What can I do? This place is in my name, what if someone gets hurt on the property, an I liable? Also I cannot put anymore money into maintaining it as it is not worth it, in my opinion.
She made the decision to remove me from her DP and is refusing to pay taxes, insurance, etc., saying it is my responsibility since I own it. What can I do? This place is in my name, what if someone gets hurt on the property, an I liable? Also I cannot put anymore money into maintaining it as it is not worth it, in my opinion.
what can you do? sell the home if she agrees - the life estate complicates that; continue to maintain the home, pay the mortgage, etc. let it go (last drastic resort).
you are definitely liable for persons injured on your property, depending on the circustance. check with your insurance agent to ensure that you have adequate coverage.
as for the condition of the property, that's somehing you'd have to work on yourself.
you are definitely liable for persons injured on your property, depending on the circustance. check with your insurance agent to ensure that you have adequate coverage.
as for the condition of the property, that's somehing you'd have to work on yourself.
>>saying it is my responsibility since I own it.
She's incorrect. It's her responsibility during the entire time she occupies the property.
>>What can I do?
Get an Attorney and get the Life Estate revoked, since she's not fulfilling her legal obligations. Meanwhile, you've got to make the payments to avoid further hassles.
She's incorrect. It's her responsibility during the entire time she occupies the property.
>>What can I do?
Get an Attorney and get the Life Estate revoked, since she's not fulfilling her legal obligations. Meanwhile, you've got to make the payments to avoid further hassles.
do you think it's that simple, Raymond? Presumably, there'll be an eagle-eyed lawyer on the other side, too. This could become quite a contest.
Her Sister is the "life tenant" and has finanical obligations and responsibilities when the property is in her possession. She needs to pay the property taxes and homeowners insurance and maintain the property. It's not fair to her Sister, the "remainderman", if the "life tenant" doesn't pay for those things, or keep the property maintained. Failure to do so will result in foreclosure.
In this instance it sounds like the life tenant needs to be told by a legal resource what her responsibilities are - and the consequences if she doesn't oblige.
In this instance it sounds like the life tenant needs to be told by a legal resource what her responsibilities are - and the consequences if she doesn't oblige.
i guess my response comes from my personal involvement with such a thing, which stems from loans made back when i was a consumer lender making second mortgages. i came across the "life use" clause a couple of times, and found that most of those with life use were elderlies who resided with family; the house in that case typically was a family home that the patriarch or matriarch had passed along to the child or children. this particular situation addressed here seems quite different in that the "life tenant" apparently resides in the subject property by herself.
"remainderman"?? that's new to me as well.
"remainderman"?? that's new to me as well.