Life Tenant Expenses in Florida Life tenant property law For example, a life tenant could not sell their estate as a fee simple absolute (i.e. Q: Thanks to low mortgage interest rates, I recently refinanced for the third time. With those rights, however, come responsibilities. In 1995 - 10 years after they were married - Olga took out a home equity line of credit with a local bank. The recipient, known as the life tenant, assumes all the benefits of owning the property for their lifetime, with the property reverting back to, or returning to, a remainderman after their death. (This may not be the same place you live). In many cases, he may also sell the property if Be aware that transferring your property and retaining a life estate can trigger a Medicaid ineligibility period if you apply for Medicaid within five years of the transfer. Law Practice, Attorney If an individual retains a life estate in their property, it continues to be an asset of their estate. They cannot allow the land or buildings to fall into disrepair. if a life estate tenant life tenant We've helped more than 6 million clients find the right lawyer for free. Life Tenant(s) maintain responsibility for property taxes, He didn't bother consulting me. Generally a person who holds a life estate (the "life tenant"), has the right to do anything with the property that a full owner could do (during their lifetime). In most cases, this is accomplished by using a written document, similar to the way a contract is used for other types of agreements. Life Tenant This story demonstrates how someone would not be responsible to pay for a mortgage (or the interest associated with that mortgage) if they were named as a life tenant under a will.