Legal Question in Wills and Trusts in Massachusetts
Looking into "Life Estate". My elderly friend's sister died and was renting a house from their mutual sister-in-law. The sister-in-law prefers family only rent and wants my friend (Joe) to live there. Joe is only worried that in the event the sister-in-law dies first (she's late 80's) her house will go to her children who may decide to sell it or increase the rent. He himself is 84 and on limited funds.
1 Answer from Attorneys
The issue is on what basis does sister-in-law want to rent and what the children want to do.
Joe could seek a long term lease without an increase in rent except to cover taxes and municipal assessments.
A life estate would allow him to live there, but would not necessariy require him to pay rent.
More information is needed to give you a real suggestion. Such as who is going to live in the home just Joe or Joe and the sister-in-law?
If it is just Joe, there are some various alternatives including a limited life estate. If Joe is simply renting part of a home from the sister in law it is more complicated.
If you want to discuss this further you can contact me on Monday in my office.
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