Understanding the Role of Life Estates in Estate Planning
Hi, I’m Oklahoma City estate planning attorney Meg Prestige and today I want to talk to you about the use of a tool in your estate planning called the life estate. This arrangement allows you to retain your interest in the property during your lifetime while designating remainder men to whom the property will transfer upon your death. Essentially, a life estate is a form of property ownership or interest that can include various types of assets such as minerals, your home, or other real estate.
The life tenant, which would be you if you’re creating the life estate, is granted the right to use, occupy, and benefit from the property for the duration of their life. Upon your death, the property will pass to the individuals or entities you’ve identified as the remainder men. This structure allows for a seamless transfer of property without the need for probate, making it an appealing option for many individuals.
Challenges of Life Estates
However, there are challenges associated with life estates that you should be aware of. If you decide later in life that you want to sell your interest in the property, it can become complicated. Selling a life estate typically requires the agreement of all remainder men, as potential buyers are often hesitant to purchase a property that they would not fully own until the life tenant’s passing.
In essence, negotiating a sale can be difficult as all remainder men must consent to the transaction. This can limit your flexibility and choices regarding your property in the later stages of your life. Despite these challenges, a life estate remains one of several valuable tools available for estate planning.
Explore Your Estate Planning Options
If you’re interested in learning more about life estates and other estate planning options, I encourage you to reach out. You can contact me through the OklahomaCityAttorney.com for more personalized guidance tailored to your unique situation.
Get a Low-Cost Consultation Today!
Don’t wait to secure your estate planning needs. Call a Oklahoma City lawyer at 405-888-5400 for a low-cost consultation and let’s discuss how a life estate or other estate planning tools can meet your goals.
