Legal Question in Real Estate Law in Illinois
Who is the legal owner of property in a lfe estate? My husband passed away and I placed the property I received into a life estate to ensure no-one contesting a will and that the property would go to my son. The deed reads does sell and convey to, my name, as a life estate only.
3 Answers from Attorneys
Its only your property until you die. It should then go to whoever is named as a remainderman.
Your attorney did not fully explain this to you beforehand? While this kind of estate planning is not unusual, most people do not go the route of creating a life estate. I'm concerned why your attorney did not better explain it to you when you agreed to create it. You said you did this, not your husband, no?
Based on what you said, your heirs would get the property, unless there is an unpaid mortgage or real estate taxes due, then perhaps there would be a foreclosure and sale. Do you need an attorney?
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