Answer: Someone with a life estate has a right to the use of the asset in which she or he has a life estate for her or his life.
Although the life tenant can sell the life estate, the buyer would have ownership rights only as long as the original life tenant lived.
A remainder interest may also be sold.
Who owns the property in a life estate?
A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the “remainderman” (in this example, Son).
Can a life estate be revoked?
Life estates, therefore, are typically used to keep property from being transferred through the process of probate. Importantly, a life estate cannot be revoked. Therefore, once a person sets up his or her ownership of a property in a life estate, he or she cannot sell or otherwise dispose of the home.
Can a life estate deed be changed?
Unlike a Lady Bird Deed, once a life estate has been granted, it can’t be undone without the consent of the remainderman.