My question is concerning property in the State of Tennessee: When my Mother passed away in January 2012, in her will she left her home to my brother (Mike) with a life estate for our brother (George). George has not lived in the property since 2013, and currently lives in an assisted living facility in the state of North Carolina. Mike would like to get a home improvement loan to bring the property back up to acceptable living condition. However, Mike has been refused a loan, because of the life estate for George. George has not contributed any monies for upkeep, taxes, insurance, etc. What does Mike have to do in order to remove the life estate? It is important to note that George has stated that he will never return to Tennessee and live in the house and will more than likely sign papers needed to dissolve the life estate.
In the event George wants to be paid money for signing away the life estate, would it be reasonable to expect George to pay monies for taxes, insurance, repairs even though he has not lived in the property?
In the event George wants to be paid money for signing away the life estate, would it be reasonable to expect George to pay monies for taxes, insurance, repairs even though he has not lived in the property?
Life Estates: How Can a Remainderman Get a Mortgage While the Life Tenant Remains Alive
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