The purpose behind life estates is to permit individuals to live in or use property, typically until their death. However, residents on a life estate are co-owners with one or more additional people (also known as remaindermen). While residents typically have full responsibilities for paying property-related bills, they do not have the right to do anything that keeps co-owners from obtaining full value when the property passes on to them. Experienced estate planning attorneys can help life estate residents in Boulder City, and elsewhere in Nevada, understand their rights and negotiate changes when necessary.
Every life estate has unique circumstances. However, as explained by Lawyers.com, one aspect they have in common is a general lack of escape clauses. Therefore, even if you suddenly need expensive medical treatment, or you simply can no longer afford the expenses related to the property, you cannot simply sell the property to obtain the funds you need. However, you can potentially negotiate an agreement that meets the needs of all co-owners.
Even when all parties in a life estate agree to allow you to sell — or otherwise alter — the property, informal agreements can lead to unforeseen situations down the road that bring all involved parties to court. Las Vegas estate planning attorneys, with specific experience negotiating changes to life estates, can help ensure that all parties benefit, while drafting a legal contract to help avoid future surprises.
An experienced attorney from Tyrell Law, PLLC can guide you through the complex process of setting up a life estate for your heirs — and continuing to support the co-owners of the property — to protect their rights. Contact us to learn your legal options and how we can help.