Legal Question in Wills and Trusts in Texas
Family farm
My mother wishes to give me the family farm with a lifetime estate.
What is a lifetime estate.
Thank you
Asked on 4/15/03, 1:24 pm
2 Answers from Attorneys
Basil Hoyl
Law office of Basil Hoyl
Re: Family farm
A life estate is the right to possession of the property only for life. It can be to you for your life and then back to her or her heirs, or to you after her life.
http://www.reasonable-doubt.com
Answered on 4/15/03, 1:45 pm
Peter Bradie
Bradie, Bradie & Bradie
Re: Family farm
A "lifetime estate", also known as a life estate, gives you the use of the property for your lifetime. You can use it, rent it, or just let it stay. You are responsible for taxes, insurance, and other obligations that may run with the land, but you can't sell it or give it away.
Answered on 4/15/03, 2:46 pm
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