Legal Question in Wills and Trusts in Kentucky
Information on Life Estates
How can I find out more about Life Estates? Specifically, what my rights are as owner of the house and how a life estate can be extinguished if there are illegal activities going on in the house.
1 Answer from Attorneys
Re: Information on Life Estates
Normally, life estates cannot be extinguished unless there is some provision concerning the use of the life estate that is in the instrument creating the life estate. There is a legal principle where the life tneant cannot commit waste, that is the life tenant cannot destroy the property to the extent that there is nothing left for the remainder interest however a lot of life interests are created giving the life-tenant the power of waste. This is not a "do-it-yourself" project. consult a good real estate lawyer. There are so many facts that can effect an opinion that an good answer cannot be given here. You would have to read several treatises on the law, legal encyclopedias and several hundered cases in order to get a grasp on this area of real estate law.