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Life Estate vs. Owner's Rights

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  • 01-17-2012, 06:15 PM
    HyeLaw
    Life Estate vs. Owner's Rights
    My question involves estate proceedings in the state of: VA

    I own a commercial property on which someone else has a life estate on. As an owner, what rights do I have in the property. Do I have any legal right at decision making? Who pays the taxes on the property? Also, if the property is rented out? Who gets paid? The owner or the one who has the life estate?

    Brief info> I'm the owner and have used the property as my business for 8 years then moved out 6 yrs ago to a larger location and rented out my place.

    Any info would be helpful, Thanks!
  • 01-17-2012, 07:09 PM
    jk
    Re: Life Estate vs. Owner's Rights
    life estate on a commercial property? What did the deed that created the life estate say to the rights, responsibilities, and liabilities of the life tenant?
  • 01-18-2012, 04:59 PM
    HyeLaw
    Re: Life Estate vs. Owner's Rights
    Honestly, I don't see anything regarding specifics at all. A deed of gift was prepared in my name with a life estate in my mother's name (duration of natural life).

    Originally my dad used money from a propery that he sold and I paid the rest of the balance to purchase the property in question. I made monthly payments to my dad for 7-8 years until all was paid off and he agreed to stop paying for it as I even have checks that he never cashed any longer. So my dad recently passed away. Now my mom is the one who has life estate on until the "end of her natual life". She now wants my shop that I have worked in and "owned" for 14yrs and back rent for a last few years. Now, I don't know what my rights are? Do I just hand everything to her AND pay her rent she is NOW asking for?

    I have put a lot of money into the location and paid taxes every year, even have costly equipment in it currently.

    I'm trying to get some advise here before I go totally broke with lawyers going back & forth.
    Thanks again.
  • 01-18-2012, 06:54 PM
    jk
    Re: Life Estate vs. Owner's Rights
    Your mother has the right to possess the property. She also has the right to rent the property if she chooses.

    You have a future interest in the property as a remainderman. That means you are not entitled to treat it as your own until mom dies.
  • 01-18-2012, 07:51 PM
    HyeLaw
    Re: Life Estate vs. Owner's Rights
    Thanks for the reply.

    I do understand that part, don't like it or agree with it but do understand it. But do I lose out on everything that I have paid for alltogether? I do have proof of payments made to my dad over the years for helping me financially, and although he never wanted any sort of re-payment... I basically did pay him for the cost that he put in, not to mention all other additional costs as well? I do have notes/letters from him stating all this.

    Also, she plans on giving it to her brother. Long story short (he hasn't had a job in decades and can't hold on to one), if they let the property go to waste and not take care of it, do I have any say in it or the only right I have at all - will be after she passes? Or what happens when she has possession but refuses to pay for the taxes?
  • 01-18-2012, 07:59 PM
    jk
    Re: Life Estate vs. Owner's Rights
    I am not certain what you were actually paying. You might have some claim of an equitable title depending on what was going on. The problem is it might be too late to attempt to exercise that claim due to the fact your father is deceased and his estate has apparently already been probated. It wouldn't hurt to take whatever you have showing what you were paying and such to a lawyer who can review the facts first hand and give you an opinion as to whether you have any case of claiming any share of the property now.


    she cannot give it to her brother since she does not own the property. She owns a life tenancy. She can allow him to use the property during her tenancy but she cannot give him any ownership interest in the property because she holds no ownership interest.

    along with that, the life tenant has a duty to maintain the property. If they do allow waste, you have a right to seek a termination of the tenancy since they are basically letting your property go to Hell.

    if she refuses to pay taxes for it, you also have a claim to terminate the tenancy as that too is considered waste.
  • 01-18-2012, 08:14 PM
    HyeLaw
    Re: Life Estate vs. Owner's Rights
    well, the estate has not been divided as of yet, it's kind of between the accountants and court for the time being. The issues never came up (as u can tell) when dad was alive. But just seens like everything is up in the air now.
    Is she entitled some how for back rent of some type? Nothing was ever agreed upon as for me to pay anything monthly or ever. I paid my dad just to pay him back for his hard work (& savings) for supporting me in everything and he used to pay my mom a few hundred a month just for spending $$.

    Do I get to keep keys to the property? Do I (as owner) have permission to ever enter the premises to inspect or make sure they are keeping up with the maintenance? Or keeping it in good condition?
  • 01-18-2012, 08:17 PM
    Disagreeable
    Re: Life Estate vs. Owner's Rights
    Her life estate does not grant until his death. At this time her rent would likely start.
  • 01-18-2012, 08:30 PM
    jk
    Re: Life Estate vs. Owner's Rights
    Quote:

    Is she entitled some how for back rent of some type?
    No. She is entitled to nothing prior to her tenancy. Whether you owe your fathers estate something or not I cannot say.

    Quote:

    Do I get to keep keys to the property?
    you can keep the key. She can change the lock and not give you a key.

    Quote:

    Do I (as owner) have permission to ever enter the premises to inspect or make sure they are keeping up with the maintenance?
    not without her permission or a court order.


  • 01-19-2012, 04:51 PM
    HyeLaw
    Re: Life Estate vs. Owner's Rights
    Thanks for your responses - it all confirmed with what I thought! Thanks again for your time.
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