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Life Estate

  • 10-11-2012 9:56am
    #1
    Indricotherium
    Closed Accounts Posts: 1,575 ✭✭✭


    If someone tries to create a life estate in a gift, it results in a trust under Section 4 of the Land and Conveyencing Act? Is this correct?

    So if A tries to gift a fee simple to B and a life estate to C, who are the trustees of that land?:confused::confused::confused::confused:


Comments

  • #2
    Predalien
    Closed Accounts Posts: 946 ✭✭✭Predalien


    Don't remember this stuff too well, but I think C.


  • #3
    Hogzy
    Registered Users, Registered Users 2 Posts: 7,544 ✭✭✭Hogzy


    Indricotherium wrote: »
    If someone tries to create a life estate in a gift, it results in a trust under Section 4 of the Land and Conveyencing Act? Is this correct?

    So if A tries to gift a fee simple to B and a life estate to C, who are the trustees of that land?:confused::confused::confused::confused:

    Do B and C receive the same property at the same time? Or is it different property they each receive?

    Is the property left in a will?


  • #4
    Procrastastudy
    Closed Accounts Posts: 6,224 ✭✭✭Procrastastudy


    I was in the evening LL lecture tonight. I was staring up at the ceiling and my lecturer said "What are you doing" to which I replied - "watching it all go over my head".
    Hogzy wrote: »
    Do B and C receive the same property at the same time? Or is it different property they each receive?

    Is the property left in a will?

    What the OP is talking about is a split in the legal and beneficial ownership of the property. Prior to 2009 it was handled differently. You could leave the property in Fee Simple to A (say your 25 year old nephew) with a life estate to B (his 65 year old terminally ill father) so he had somewhere to live for the rest of his days. Now it results in a trust which we don't do until next semester. If it's anywhere near as head wrecking as Co-ownership I may just have to wing a pass.


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