My friend wants to give me a life estate in his home. Then he wants to leave home to charity….how will deeds and will be set up and who pays taxes, etc??
ANSWER BY MARGARET CROSS-BELIVEAU:
I think what you are saying is that after your friend dies, he wants you to be able to live in the property for your life and after your death the property should be donated to a charity.
Your friend would execute either a trust or a will which states those terms. If it is done through a will, a new deed with be drafted as such. You as the life tenant would be responsible for the bills until your death.
If it is done through a trust, then the deed doesn’t come out of the trust and the trust allows you to live there. Your friend could possibly allocate funds to pay for the costs of the property within the trust.
Your friend needs to execute an estate plan with an attorney.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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