Legal Question in Wills and Trusts in Texas
Living Estate
My father has set up a ''living estate'' on his house for his wife of one year to live as long as she wants or until she re-marries at which point the house and land will go to me. As the attorney explained it, this would prevent her from selling the home and legally she would be responsible for the upkeep of the house while living there (including taxes). This house is in need of repair and she might want to get a home equity loan to make improvements. My father questioned the attorney how that would work for the step mother to get a home equity loan after he passes and the attorney commented that most banks would not want to fund a loan like that without my approval.
Questions on what happens after my father passes:
1. Will the homeowner's insurance and home title be in my name or the step mother's name for legal ownership and tax responsibilities?
2. Am I legally obligated to co-sign a loan for her?
3. If the house were to burn down before I took possession of it, would the step mother collect insurance on the house if she was living there and I would then get the land or would I get a portion or all of the insurance since inevitably the property is mine?
4. Can you recommend where I can get additional information?
1 Answer from Attorneys
Re: Living Estate
Your questions are way to specific for this forum. You needed to have ask them of the attorney who set this up or you need to talk to an attorney of your own.
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