[WSBARP] Life estate upon death of grantor

[Timothy Lehr]

All,

 

Client is widowed and has two children and currently owns property solely in
her name. Has a sister living with her on the property. We previously
recorded a TODD per her wishes ensuring the property passes equally to the
two children outside of probate. Now, she wants to ensure the sister can
live on property until she passes or voluntarily decides to leave - even
after property transfers to two children.

 

First idea that I had and we discussed was granting a life estate in favor
of sister. My understanding is that at client's death, property would
transfer via TODD to the two children and they would take "subject to the
life estate". However, client does not want to give sister a present
interest of a life estate in case there is a falling out between client and
sister and sister exercises right to possession of property during her
lifetime. 

 

My question - could client deed property to herself and create a "future"
life estate for sister. (I think back to Property class in law school).
Draft a deed that gives sister a life estate "at the time of
grantor/grantee's death" with a reversionary interest to the two children?
Or something to that effect. Her main goal is having property pass to the
two children while allowing sister to remain on the property until sister
passes away or leaves, but she does not want to give a present interest in
property to sister. I may be thinking too far into this. 

 

Thanks, 

 

Timothy C. Lehr

Attorney at Law

Stiles Law Inc., P.S.

 

p:   360.855.0131

e:   timothy at stileslaw.com <mailto:timothy at stileslaw.com> 

w:  www.stileslaw.com <http://www.stileslaw.com> 

 

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