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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">That sounds like fee simple ownership: she lives on it as long as she wants and she can sell it if she wants. Or do the proceeds go to someone else when it's
sold?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">If that's the case and proceeds go to someone else, then I think it's technically a defeasible life estate with an executory (remainder) interest, with either
an automatic trigger (terminable life estate) or a right of re-entry (life estate subject to condition subsequent) at the time she decides to stop living at the property. Technically I think it could be set up in deed language but it's much easier to set up
in a trust, to have lots of room to define what it means to "move out."<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">I have set up similar situations in several different ways depending on exact circumstances, from vesting fee in the remainder beneficiaries and giving the
surviving spouse a lease, to setting up a trust, to granting a life estate with conditions, etc.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">The point about a title company is a good one, but the solution really depends on all circumstances. Every solution has its set of title issues that need to
be thought through ahead of time.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">1320 University St<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Seattle WA 98101-2837<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">fax 206-625-9040<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Heather Kolbly<br>
<b>Sent:</b> Tuesday, April 21, 2015 1:22 PM<br>
<b>To:</b> 'WSBA Real Property Listserv'<br>
<b>Subject:</b> [WSBARP] Anyone know what this ownership interest is called?<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Hi All,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">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?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Thanks for any help you can offer,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Heather Kolbly<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><i><u><span style="font-family:Castellar;color:#1F497D"><o:p><span style="text-decoration:none"> </span></o:p></span></u></i></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style";color:#1F497D">Heather Tobin Kolbly<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style";color:#1F497D">Mobile Attorney
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style";color:#1F497D">KOLBLY LAW FIRM, P.C.<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Goudy Old Style";color:#1F497D">Mail:</span></b><span style="font-family:"Goudy Old Style";color:#1F497D"> 704 228<sup>th</sup> Ave. NE #122, Sammamish, WA 98074<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-family:"Goudy Old Style";color:#1F497D">Office:</span></b><span style="font-family:"Goudy Old Style";color:#1F497D"> (425) 522-4234
</span><span style="font-family:Wingdings;color:#1F497D">s</span><span style="font-family:"Goudy Old Style";color:#1F497D">
<b>Cell:</b> (425) 444-1888 <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="mailto:Heather@KolblyLaw.com"><span style="font-size:12.0pt;font-family:"Goudy Old Style";color:#1F497D;text-decoration:none">Heather@KolblyLaw.com</span></a></span><span style="font-family:"Goudy Old Style";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="http://www.kolblylaw.com/"><span style="font-size:12.0pt;font-family:"Goudy Old Style";color:#1F497D;text-decoration:none">www.KolblyLaw.com</span></a></span><span style="font-family:"Goudy Old Style";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Goudy Old Style";color:#1F497D">
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
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