Q: What are the financial obligations of the remainderman in a life estate in North Carolina?
According to a recent will, I am a remainderman and my brother is a life tenant for a home in North Carolina. Am I responsible for paying the mortgage principal, homeowners insurance and for major repairs? What does my brother pay for? Do I have to reimburse my brother for improvements to the property? I don’t want the responsibilities if this is the case. Can I waive this part of my inheritance?
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A: Consult with a competent NC attorney. Remaindermen do not have to pay on the Note, Taxes or Insurance. But if not paid, the real property will be taken away from all grantees/devisees. Your Estate has not vested in possession yet, and you are not personally responsible for anything.
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