How did I give up a life estate?

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How did I give up a life estate?

I have a life time estate. I can no longer cannot maintain the property. I am not financial able and my heath is failing. I want to give it up. How do I do it?

Asked on July 10, 2018 under Real Estate Law, North Carolina

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You have a real estate interest, so you will need to transfer it to the remainderman (i.e. the person who is supposed to take over the property upon your death). They would then own the property outright. That having been said, you should have a real estate attorney read the instrument that dictates the terms of the life estate in order to determine the consequences of early termination. The fact is that even if you deed over your interest, you may still be responsible for any expenses that accumulated during your possession. Also, you may be able to rent the property to a third-party instead. Again, you should contact a lawyer to help you with this. 


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