2007-04-08 05:43:19 · 4 answers · asked by New Mommy 1 in Politics & Government ➔ Law & Ethics
No, an owner of a life estate cannot commit waste on the property. The owner of the remainder interest would have a cause of action.
It would be unfair to require the life tenant to expend his or her own funds, not derived from the life estate, to protect the interest of the holder of the future interest in the property. Thus, the life tenant need only expend funds equal to the benefit received from the life estate to prevent waste. If some external threat to the savings account would cost more to avoid than the interest to be received from the account in that period, the life tenant will not be required to act.
Exception: where the document creating the life estate gives authority to commit waste, such as by including the words "without impeachment for waste."
2007-04-08 06:16:48 · answer #1 · answered by Mark 7 · 0⤊ 0⤋
No. The owner of a life estate will be liable to the remainderperson for any waste committed on the property, assuming the remainderperson files suit. Of course, as the first responder stated, it would depend on the terms of the life estate. However, I cannot imagine any grant of a life estate would specifically permit the life tenant to commit waste.
2007-04-08 13:14:24 · answer #2 · answered by legaleagle 4 · 0⤊ 0⤋
No life estates cannot commit waste..the reversionary owner has the right to sue to enjoin the waste.
2007-04-08 13:25:38 · answer #3 · answered by Dr. Luv 5 · 0⤊ 0⤋
Depends on the terms of the life estate grant.
2007-04-08 12:48:31 · answer #4 · answered by tx1942txx 4 · 0⤊ 0⤋