What are the Responsibilities of a Life Tenant for Taxes and Insurance?
Full Question:
What is the responsibility of a person when they are left a Life Lease of a Will/Estate? My husband and his brother's father remarried after their mother passed. New wife moved into their father's home after they married. He died. He wanted her to have a Life Lease even though everything was left to the boys. What is her responsibility to the home over-all. Taxes, property insurance, maintenance fees etc?.
07/17/2010 |
Category: Real Property ยป Joint Tenants |
State: Michigan |
#22690
Answer:
The life tenant, cannot injure or commit waste to the real property to the detriment of the interests of the remaindermen. A life tenant is subject to liability for an unreasonable or improper use, abuse, mismanagement, or omission of duty regarding real estate which results in its substantial injury, including lasting damage to the remainder or depreciation in its value. Therefore, the life tenant must keep up the insurance, maintenance, and property taxes. A life tenant has an obligation to preserve the value of the land for those with subsequent or remainder interests.
