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  1. #1
    Join Date
    Jan 2008
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    Default Change From Life Estate To Living Trust In Florida

    I'm an only child, and my Mom's home was set for for Life Estate in my name a few years ago (her home is paid for). Dad passed away 15 yrs ago. I'm divorced with no children.

    Is it to my advantage to consider a living trust? Would a living trust supersede the Life Estate now in force, or would I have to somehow change or revoke that?

  2. #2
    Join Date
    Jan 2008
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    4

    Default Re: Change From Life Estate To Living Trust In Florida

    To be more clear for the above question, I own and live in my own home seperate from my mom.

  3. #3

    Default Re: Change From Life Estate To Living Trust In Florida

    A life estate only gives you the right to live on the property (or rent it out) until you die. I assume this is in her will. She can place the property in a living trust and do the same thing. This will avoid having the proeprty go through probate. There is no need to change the will but it would be a good idea in order to avoid any confusion. Life estates can get complicated and I do not recommend them.

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
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    28,906

    Default Re: Change From Life Estate To Living Trust In Florida

    What does "my Mom's home was set for for Life Estate in my name" mean? That the remainder interest is in your name with your mother holding a life estate, or vice versa?

  5. #5
    Join Date
    Jan 2008
    Posts
    4

    Default Re: Change From Life Estate To Living Trust In Florida

    My apologies, I'm a novice at legal jargon. The remainder interest is in my name with my mother holding a life estate. The life estate is recorded as a part of the deed with the county. Since I assume a living trust document would be in conflict with the life estate, would the life estate have to be revoked or modified, and how is that done?

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Change From Life Estate To Living Trust In Florida

    You can transfer your remainder interest to a living trust, if you wish.

  7. #7

    Default Re: Change From Life Estate To Living Trust In Florida

    I'm still not clear. Your living trust or your mother's? If it is yours, the life estate does not come into play since all you can transfer is your remainder. If it is her's, a living trust has no effect since it is a life estate that ends at death. Not sure what you are trying to accomplish?

  8. #8
    Join Date
    Jan 2008
    Posts
    4

    Default Re: Change From Life Estate To Living Trust In Florida

    My purpose for these questions (and my mom's) is to make the transfer of her home to me as easy as possible when she passes, with the intent of selling the home asap.

    A life estate is now set up on her home through the county (done by our real estate attorney several years ago), with the remainder interest in my name. I've only recently learned of living trusts, and that they may be a better idea than a plain life estate... no probate, etc.

    If I were to try to set up a living trust for this situation , would it be in conflict with the life estate now in force, or can they co-exist? If they are in conflict, what must be done to have the living trust be in effect and the life estate removed?


    I'm looking into setting up a living trust on my own because of the expense of involving my lawyer. Hope this makes things clearer... this can be confusing to a newbie such as myself.

  9. #9

    Default Re: Change From Life Estate To Living Trust In Florida

    The life estate ends when she dies and you can take immediate possession. No transfer is necessary. Never try to do something like this on your own.

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