Life estate question

[Ph128]

What is the name of your state? Indiana

If a remainderman witnesses damage to the home the life tenant occupies, such as through lack of maintenance, roof leaking, paint peeling, etc.
Can the remainderman do anything about it or just watch his future inheritance's value decline?
The tenant has said she is only responsible for the inside of the home and refuses to do repairs and refuses to insure anything but her own possessions.
Nothing was spelled out in the life estate other than she recieved a life estate in the property.
Anyone know what the rights or responsibilities of life tenants and remaindermen are in Indiana?

 

[HomeGuru]

What is the name of your state? Indiana

If a remainderman witnesses damage to the home the life tenant occupies, such as through lack of maintenance, roof leaking, paint peeling, etc.
Can the remainderman do anything about it or just watch his future inheritance's value decline?

**A: it depends upon the specific terms and conditions in the written life estate agreement.

**********
The tenant has said she is only responsible for the inside of the home and refuses to do repairs and refuses to insure anything but her own possessions.
Nothing was spelled out in the life estate other than she recieved a life estate in the property.
Anyone know what the rights or responsibilities of life tenants and remaindermen are in Indiana?

**A: see above. If nothing is spelled out then the agreement is very poorly written. Time to mediate and negotiate.

 

[lwpat]

You might want to consider buying her out.

 

[Ph128]

Thanks for the info!
I understand terms should have been made when the life estate was created but this was in a will.
All it said was he leaves a life estate to his girlfriend in his home. (that apparently is the agreement)
And it doesn't appear she has the resources nor the desire to maintain it.
And she did say she would sell if the remainderman would pay her the value she would have received of all the years she would have lived there which figures out to be quite more than the current appraised value of the property giving she is fairly young and lives a normal life expectancy.
I'm not the remainderman myself. It's a friend and he doesn't' have a lot of money for attorney fees.
I thought perhaps someone here could give some advice or explain rights between the two as they are in Indiana.
It doesn't appear she is willing to negotiate any terms not in her favor. In fact, she has the notion that the remainderman should have to maintain the outside of the house or any capital expense. He can't afford that either. He'd have to sell it should should she pass on.
Looks like if she doesn't outlive him, not much he could do other than just end up with run down old worthless house, huh?
Another concern he had!
Could he be held liable if someone hurt themselves on that property?

 

[HomeGuru]

Thanks for the info!
I understand terms should have been made when the life estate was created but this was in a will.
All it said was he leaves a life estate to his girlfriend in his home. (that apparently is the agreement)
And it doesn't appear she has the resources nor the desire to maintain it.
And she did say she would sell if the remainderman would pay her the value she would have received of all the years she would have lived there which figures out to be quite more than the current appraised value of the property giving she is fairly young and lives a normal life expectancy.
I'm not the remainderman myself. It's a friend and he doesn't' have a lot of money for attorney fees.
I thought perhaps someone here could give some advice or explain rights between the two as they are in Indiana.
It doesn't appear she is willing to negotiate any terms not in her favor. In fact, she has the notion that the remainderman should have to maintain the outside of the house or any capital expense. He can't afford that either. He'd have to sell it should should she pass on.
Looks like if she doesn't outlive him, not much he could do other than just end up with run down old worthless house, huh?
Another concern he had!
Could he be held liable if someone hurt themselves on that property?

**A: then one step was missing in the execution of the life estate agreement. The will by itself will not set the terms and conditions.

 

[Ph128]

Apparently there isn't an agreement other than she was given a life estate in the property.
What would govern the terms in that situation?
Without an agreement, is her possession of the property not lawful?

 

[Ph128]

**A: then one step was missing in the execution of the life estate agreement. The will by itself will not set the terms and conditions.

So if there were no agreement and the will does not set the terms, could my friend go have a yard sale over in the tennant's front yard without asking permission? Could he go paint her house purple?
Come on, something has to govern terms or rights here, huh?

 

[HomeGuru]

So if there were no agreement and the will does not set the terms, could my friend go have a yard sale over in the tennant's front yard without asking permission? Could he go paint her house purple?
Come on, something has to govern terms or rights here, huh?

**A: see an estate attorney and let him/her educate you.

 

[lwpat]

If she won't sell, why doesn't he offer to sell to her.