Life Estate Vs. Will: Legal Explained
does a life estate override a will
A life estate does override a will. In a life estate, the life tenant has rights to the property during their lifetime, and the remainder interest passes directly to the named beneficiary upon their death, bypassing the will.
How a Life Estate Works
The life tenant cannot sell or mortgage the property without the remainder beneficiary's consent. Upon the life tenant's death, the property automatically transfers to the beneficiary, regardless of what the will says.
- Avoids probate for the property
- Provides lifetime use without full ownership
- Cannot be changed by the will
Implications for Estate Planning
This ensures the property goes to the intended person but can create conflicts if the will attempts to distribute it differently. Legal advice is crucial when setting up a life estate to avoid unintended consequences.
Understanding this helps in planning how assets are transferred, ensuring wishes are honored and disputes are minimized among heirs.