Can A Life Estate Be Transferred To Another Property?

What is the name of your state? Illinois

My inlaws currently have a life estate on their home. They are thinking about moving into a condo and we need to know if the life estate can be transfered from their current property to a new property when they buy it. In other words, can the life estate be placed on the new property and taken off the current property?

Squiggels said:

What is the name of your state? Illinois

My inlaws currently have a life estate on their home. They are thinking about moving into a condo and we need to know if the life estate can be transfered from their current property to a new property when they buy it. In other words, can the life estate be placed on the new property and taken off the current property?

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Who is the beneficiary of the life estate and who is the grantor?

My wife and her brother are the beneficiaries of the estate. My inlaws are the grantors. They can live in their current property until they die. However, they want to move and move the life estate with them. Can they do this?

Squiggels said:

My wife and her brother are the beneficiaries of the estate. My inlaws are the grantors. They can live in their current property until they die. However, they want to move and move the life estate with them. Can they do this?

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If your inlaws are the grantors of the life estate then they can move anywhere they want.

The conditions are placed on the beneficiaries that once they take the life estate (which means they have the right to live in the home for 'life') and then move, they give up the right to exercise the life estate.

Your in-laws cannot take back the life estate on the present property but can place another life estate on a separate property.