Quote (AspenSniper @ Sep 12 2014 02:54pm)
So in regards to the first sentence, it goes to Bill UNTIL CAROL DIES. Once Carol is dead, it becomes David's. Thus, Bill has no life estate to give to Susan. However, since Carol died before Bill did, the question is, did Bill even have a right to sell it to Susan because it was Aaron's wish to give the property to David inevitably.
Bill's death is indeed a moot point, but once Carol dies I do not think it goes to David. Bill was the legal property owner and when he was, he sold it to Susan. It's Susan's call as that sale limited the initial terms of Aaron's agreement.
It is Susan's, not David's.
gz @ law school. I'm an attorney too
So as I said in the pm, first off its a poor question bc bill doesn't have the legal rights to even sell the life estate. He can only lease it, rent it, gift it, whatever. Bc really, he doesn't technically have 100% ownership due to the limitations placed on the life estate.
So let's say he doesn't need the house so he transfers the life estate to Susan so that she can instead live there. Now...bill could only live there until carol dies. Which means the same rule applies to Susan. So when carol dies, Susan gets the boot. If David were not in the picture, ownership would return to Aaron but Aaron has given his ownership rights to David. So therefore I believe, as we said, bills death is moot.
Once David dies, it would go to his heirs or whomever he dictates in his will.
Wow, google ftw
https://answers.yahoo.com/question/index?qid=20100119073153AAUesYlThis post was edited by Fatal_Aquaintnc on Sep 12 2014 10:16pm