My question involves proceedings in Shasta County in the sate of California:
Back in the 1990's my mother set up a Life Estate, and gave her home to me, allowing her to remain there the rest of her life. We under the impression that what was basically set up was a Homestead. My mother is advanced in age now, unable to liver on her own so my wife and I took her into our home. We wanted to sell this to our children (my mother's wishes as well), but cannot with this Life Estate in effect. This came to light when recently we tried to get a Living Trust. The attorney told us that Life Estate and Living Trust were much the same, and to keep the Life Estate in force.
After looking into the matter ourselves, we all want to get out of the Life Estate ASAP. I know about the setting up of a Living Trust, but I am just interested in focusing on terminating the Life Estate. My mother and I both agree the Life Estate needs to be terminated, but those we've talked to say either being a "Life" Estate means its irrevocable, while others say it's just a big headache to terminate. I'm doubtful that it's irrevocable, and whether it's a headache or not, we need to get it done.
I would appreciate if someone could at least provide the steps of what is required to terminate the Life Estate so we can put the property into a Living Trust. Thank you for any help.