Legal Question in Wills and Trusts in Wisconsin

Yes, but there are some things that have to be considered, as you usually have to consider when doing life estates: who covers expenses? what condition is the property to be kept in? who makes the mortgage payment? what happens if it doesn't get paid? who pays taxes? etc.

In addition, you should check with the mortgage lender to see if you could get written consent to create the life estate, since it may be considered a conveyance that could then breach a "due on sale or conveyance" provision in a mortgage.

Good luck and call an attorney if you feel you need help!