Question: Would you please explain what a life estate is and whether someone should do this type of thing?
I own property near Harbor Shores in Benton Harbor Michigan. I am considering transferring the property but retaining a life estate. Would you please explain what a life estate is and whether someone should do this type of thing. Thank you.
Answer: A life estate is an interest in real property. It usually provides the holder of the life estate the right to live in certain property for life, with full ownership of the property passing to the owner of the remainder interest upon the holder's death. Many people have used life estates to sell or gift their property while continuing to have the right to live and use the property in their later years. I hope this helps.
Attorney: Mark Miller