Legal Question in Wills and Trusts in Maine

Re: Life Tenant

It is difficult to fully answer the question without learning more of the related facts involving exactly what property the life tenancy is placed upon, what other property is in the estate, who the remaindermen are, if there is a Trustee, etc. However, you do have the right to income during your lifetime, and it does not need to be in a separate account for legal reasons, although you may wish to segregate the lifetime income for accounting reasons. You should keep in mind that you must reasonably balance your lifetime interest with responsibility to ensure that the property that remains after your lifetime is in reasonable condition. In other words, you cannot let the property just run down and keep all of the income to the detriment of the party who will receive it after your life. There is no exact science on how to do this, it just depends upon the situation.