Legal Question in Wills and Trusts in Illinois
Giving up a life estate
If my father were to give up his life estate in his house and income from farmground, would it have to come to me, his only heir, or could he allow someone else to benefit from it as long as he is still alive?
1 Answer from Attorneys
Re: Giving up a life estate
A life estate is an interest in real estate, and can therefore be sold, gifted, transferred, etc. It does not have to go to a heir. Now, the life estate terminates at his death, and not at death of the new owner. At his death title to the real estate passes to the remainderman (that is, the one who owns the remainder).
Sincerely,
David Hicks
Disclaimer: No attorney-client relationship is formed by the above statement. This e-mail should be construed as legal information and not legal advice. An attorney should be consulted to clarify the issues of your particular case.
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