Legal Question in Real Estate Law in New York

Re: Life Estate

IT TRADITIONALLY MEANS THAT A PERSON CAN OCCUPY THE RESIDENCE OR HAVE USE OF THE PROPERTY ONLY DURING THEIR LIFETIME. THE TERMS ARE USUALLY ESTABLISHED, IN WRITING, AS TO WHAT, IF ANY RESPONSIBILITIES TO MAINTAIN, PREPAIR, ETC., FALL ON THE LIFE TENANT AND WHAT FALL ON THE REMAINDERMEN. WHEN THE LIFE TENANT DIES OR GIVES UP THE OCCUPANCY RIGHTS, THE PROPERTY BELONGS TO THE REMAINDERMEN.

Re: Life Estate

I agree with Walter and give you an example.

Let's say your Mother owns a home. For some reason she wants to take the house out of her name or she wants to give it to her children but she wants to continue to live there until she dies.

She conveys/sells the house to her children and in order to protect herself/right to live there, retains a Life Estate.

This means that the house can not be sold without her approval and she can not be kicked out as long as she occupies the property.

Once she vacates the property (death, retirement home, etc), the Life Estate terminates and the children own it out right to do with it what they please.