In the state of South Carolina, is a life estate terminated when the person given the life estate moves off the property?
2006-12-14 01:44:00 · 4 answers · asked by Marianne S 1 in Politics & Government ➔ Law & Ethics
Yes.
2006-12-14 01:47:31 · answer #1 · answered by phoenixbard2004 3 · 0⤊ 1⤋
It depends on the nature of the life estate. One can have a life interest in any kind of property, real or personal. This is usually constructed (in common-law jurisdictions) through a trust.
I have seen life estates (typically, an interest in the family residence left to a surviving spouse) that by their own terms are extinguished upon the vacating of the property. The assumption is that the widow (probably) will at some point move into assisted living or a nursing home and will no longer need the property, and that its maintenance cost would be a burden on assets.
2006-12-14 09:51:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, by definition a life estate is for the life of the individual it is given to.
A will or trust can caveat that with the expiration on vacating the premises.
They can sub-lease it if they wish, but the sub-lease would expire on the death of the individual. Often this is used by a trust to produce income for the individual.
2006-12-14 10:09:47 · answer #3 · answered by Aggie80 5 · 0⤊ 0⤋
yes
2006-12-14 09:46:19 · answer #4 · answered by Anonymous · 0⤊ 1⤋