Posted on: 28th Apr, 2011 12:37 pm
A mother transfers property (not a homestead) to daughter and grandaughter with a life estate. While she is still alive does she have say so over the property or can the girls improve on the property while mother is still living?
The life estate is for the term of anothers life. So if you are the person who the life estate was given, the estate is for your life, and your daughters. If you both died, it would go to Grandmother through reversion or to her heirs. So being said, the only thing you cannot do is to dipose of the property by will. You can encumber the property, use it or any other right a person holding a fee simple estate would, excecpt for being able to dispose of via will. This is pertaining to California estates. I am not sure what state you are in, but you might want to counsult a title or RE attorney.