Lifetime Right Of Occupancy Agreement

California law is unclear on these occupancy rights issues, so the Living Trust should remain silent. It is imperative that you address these matters in your trust if a surviving spouse or other family member would be granted the right to occupy the house after your death. Or you can take the road of a frustrated person I saw recently for consultation. Your mother had invested $400 in a Trust Mill Living Trust that included a right of occupancy for a second husband. US$25,000 in a disputed legal proceeding later, the daughter, as a trustee, waited for the court`s investigation, which was responsible for the various costs related to the household. This $400 investment cost the family more than $25,000 because it was not properly advised by a competent lawyer. A “right to occupy” is an alternative solution to the interest of life, in which the Will Maker gives a named person the right to live at home instead of having an interest in life. This is the preferred option in which will-Maker wishes to implement an additional asset protection strategy. The executor argued that the desire of the deceased`s daughter and son to obtain a personal right of residence in the property (a “right to occupation”) had argued that the daughter and son had a just estate in the property (an “interest in life”).

The interest rate on life is granted when a property or other asset (for example.B. shares) is held for life on the basis of a trust. This person is known as a “tenant of life” and is entitled to all income generated by the property or assets for the duration of his life. If the tenant dies, the property is distributed to the beneficiaries, as indicated in the owner`s will. After all, a life property creates rest knowing that the tenant can live in the house for the rest of his life. This security serves as an added benefit. In addition, if the tenant decides not to live in the apartment, he can rent the property and receive the rental income. This possibility of renting exists only during his lifetime. How many of you are in second and third marriage? Put your hands up. How many of you who raise your hands agree to give your spouse the right to occupy your property separately or to have half the common ownership of the house after you die? Okay, how many of you have included such a provision in your Living Trust? As I suspected, not so much.

OK, for those who have included such a provision in their Living Trust, as many of you have indicated whether the surviving spouse or the Living Trust agent should be responsible for the following: a life estate on an act is some kind of property.