i own a life estate to my home in Maryland. Am I responsible to replacing the roof? Also there was a leak in the basement when I was deeded the life estate. Am I responsible for having that fixed as well? (it is a very costly repair-possibly upwards of $30,000 to dig out around the foundation, repair and reseal around it)
1 Answer from Attorneys
Generally, yes, the life tenant would take care of the property during their lifetime. This would almost always include repairs, annual taxes, insurance and so forth.
However, the life tenant and remainderman can always talk and reach some consensus on how to deal with any capital improvements. If the life tenant has retained any powers to sell / mortgage it would make little sense for the remaindermen to contribute since the life tenant could in theory dispose of the property before it gets to them.
You're encouraged to seek legal counsel if you have specific questions about your deed or estate plan.
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