Fremont, CA asked in Estate Planning for California

Q: What does it mean when a beneficiary has a Life Estate in a revocable trust?

In california

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1 Lawyer Answer
Sally Bergman
Sally Bergman
Answered
  • Estate Planning Lawyer
  • San Mateo, CA
  • Licensed in California

A: Life estates are typically used in real property matters. For example, the person creating the trust may wish that when he/she dies that their home be given to Person 2 who may live in the home for the rest of their life. When Person 2 dies, the property transfers to Person 3. The trust document should also spell out who pays for maintenance and upkeep on the home and any other obligations or restrictions there might be.

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