who is responsible for repairs when it is a life estate
To give your wife a life estate in your half of the property, your will would provide simply that on your death, your interest will go to your wife for the rest of her life, and on her death, to whomever you select. That person is called the remainderman.. But don't just write my wife gets a life estate..You have to consider many issues, all of which should be clearly spelled out in your will. Here are some guidelines: Real estate taxes: It is the general rule that the life tenant is responsible for paying all property taxes during his or her lifetime.Ordinary repairs, upkeep and maintenance: These are the responsibility of the life tenant; that person lives in the house and is obligated to preserve the property.ut don't just write my wife gets a life estate.. You have to consider many issues, all of which should be clearly spelled out in your will. Here are some guidelines: Real estate taxes: It is the general rule that the life tenant is responsible for paying all property taxes during his or her lifetime.