Legal Question in Wills and Trusts in New York
We are in NY and are one of 6 that have a future interest in a life estate of our parent. One of the 6 lives in the home without paying rent. Can the other 5 request rent to be paid and if so, who does it get paid to? Does the life estate holder have to collect or agree to the rent?
2 Answers from Attorneys
The life estate belongs solely to the parent. The parent can rent the home, or let anyone stay there without payment.
The six only have an interest which takes effect upon the death of the parent.
In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.
I agree with Arnold and the question of rent now is up to the holder of the life estate. Once the life estate is over, this becomes an issue that the heirs must decide. However, it may be an issue now if only the eventual owners are paying most or all of the costs of maintaining and carrying the house. More information is needed for a complete response.