If my father's home is owned by the family trust, does that give his present wife any ownership?
Full Question:
Answer:
A life estate is where a person owns all the benefits of ownership in the property during their life, or the life of another, with the property going to a remainder person after the death of the life tenant. It is an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. A life estate may be transferred, such as selling the interest to the remainder men. A life estate may be transferred in property by means of a deed or bill of sale. A bill of sale is a document that transfers title of an asset from a seller to a buyer. One common type of deed used to reserve a life estate is a warranty deed. Both the person who owns all the benefits of ownership in the property during their life and the remainder person are typically named in the deed.
Based on the information you have provided, it appears that the trust itself would own the property, and therefore, only the trust would be able to dispose of it. The language of the trust (which does not reference a life estate provision or deed) would prevail. You may wish to consult a local attorney as many trust issues are very complex and require legal advice and expertise. Please see the link to our attorney directory below.