What are the responsibilities of someone who has a lifetime rights to live in a home?

Question

We are updating our will are going to give someone a lifetime right to live in our home. After that it will be divided among the kids. Who pays the insurance, taxes, upkeep, etc. on the home? If someone does not own it, are they still responsibile for the financial obligations or will that fall on the kids? Also, this is a large area and there is a lot of ourside work. Later on, this person may not be able to do all the work. Will she be responsible for hiring someone to do the upkeep or will it be up to the kids to make sure the outside is kept in decent order? Also, will they be able to remodel the home if they choose? I tried asking a local attorney but he wanted $225 to answer a few questions. We just want to make sure we all the answers before we do the final will. Thanks!

Answer 1

Don't be silly... pay the attorney and get your questions answered.  Generally speaking the person with the life estate is responsible for maintaining the home incluidng but not limited to, taxes, insurance, damage, property upkeep, etc.

Answer 2

It will be whatever you set out the terms to include. If you give them a life estate in the real property, they will have to sign on any mortgage or final sale of the house. The owner is still ultimatly responsible; they are the remainderman who will own the property when the life estate holder has passed on

Answer 3

I will answer all your questions for only 200.  But, I will remain anonymous and I might be wholly unqualified to answer.  Sounds like a good deal to me.