[WSBARP] Anyone know what this ownership interest is called?

[Heather Kolbly]

Hi All,

 

To make a long story short, Client was left a “life estate” in certain real property “until she dies or decides to move off the property” in her mother’s will.  As I understand it, this is not a true life estate, and the will was drafted incorrectly regarding a life estate.  We are thinking of trying a TEDRA Agreement with other beneficiaries to address ownership interests in the property.  Client wants to be able to live on the property as long as she wants and sell it if and when she wants, and to do away with the notion of life estate (so, she basically wants the second part of what’s stated in the will above honored, and not the life estate part).   Does anyone out there know what this type of property ownership interest is called?  It’s ownership, but with restrictions.  I have never seen anything like this, and I’m not convinced it can be done outside of a trust.   I am also thinking the title company will not approve of this.  Any thoughts?

 

Thanks for any help you can offer,

 

Heather Kolbly

 

 

Heather Tobin Kolbly

Mobile Attorney 

KOLBLY LAW FIRM, P.C.

Mail:  704 228th Ave. NE #122, Sammamish, WA  98074

Office:  (425) 522-4234 s Cell:  (425) 444-1888 

 <mailto:Heather at KolblyLaw.com> Heather at KolblyLaw.com

 <http://www.kolblylaw.com/> www.KolblyLaw.com

                           

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