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Level 1
November 16, 2022
Question

Life estate

  • November 16, 2022
  • 1 reply
  • 8 views

I own a home with my brother. Another brother and our mother have deeded life estate occupancy. Our mother recently passed. Can my brother and I who are the remaindermen quit claim the home to the brother who still resides there and can he retain his life occupancy and own the home at the same time? The desire is to have the resident brothers estate pay any taxes that would be due upon his death. 

    1 reply

    Level 15
    November 16, 2022

    You need to consult with an attorney in the state in which the property is located.

     

    Typically, title vests immediately in the remainderman upon the death of the last tenant to die.

     

    There should not be an issue with quitclaiming to your brother, however, although it would be considered to be a gift.