Are you about to set up your West Palm Beach estate plan? Do you have multiple children that you want to look after? There is a variety of unique arrangements you could make to allow your children access to your property for their lifetime. Do you know how to set up a West Palm Beach life estate? These valuable tenancies can ensure stability for the life of your children while also leaving you some authority over the property should they pass away before you. Want to learn more? Check out this interesting case just filed in Washington State’s Court of Appeals.
Life Estates
- Do you know what a life estate is in West Palm Beach?
- Normally when you think of transferring property through your estate plan or will it sounds permanent but it does not have to be.
- For example you could bestow something known as a life estate.
- These tenancies only last for the life of the person receiving the gift, in other words for their lifetime.
- What happens when the person dies?
- The life estate will revert back to you (or if your dead) your estate.
- Do you see the benefits of bestowing a life estate?
- Should your child predecease you the property is still in your control, it does not pass under their estate plan or will.
- Do you know how to devise a life estate to someone during your lifetime?
- You can also do it through a validly executed will.
- Check out this case involving various life estates and probate litigation.
In re Estate of Berry
- This was an appeal from the Court of Appeals in Washington State.
- A party had executed a will in 1989 that left her residence to her niece to use until her death or she no longer wanted it.
- This is pretty much a life estate except it also allows the home to be disclaimed.
- After that the house was to go to Ms. Berry whose estate was the basis of the present claim.
- After the niece died and the other woman died the house was to become part of the decedent’s estate again.
- A dispute broke out over an attempt to avoid the terms of the will by allowing the niece to go to college for three or four years then retake the house.
- Experienced West Palm Beach probate litigators know that a life estate may be the best way to devise certain valued real estate in West Palm Beach.
Want to learn more?
Check out the entire case today, just click here.