Who owns the asset?
My mother deeded her primary residence (4 family house) to me and reserved a Life Estate. Is this asset now mine to add to my asset value or is it still hers? Also, can it be revoked?
Asked on 4/30/08, 8:41 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Who owns the asset?
Your asset is what is described as a remainder interest in the property. The property becomes yours on your mother's death. The arrangement can be revoked by the execution of a Deed which would require your signature and your mother's signature.
Answered on 4/30/08, 9:01 am
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