Table of Contents
Can a landlord claim for damages?
Landlord’s right: Of course, you have the right to claim against any damages caused by your tenant (not to be confused with wear and tear). In that case, you will need to prove the tenant caused the damage i.e. this is when property inventories are particular useful.
What happens at the end of a definite term lease?
What happens at the end of a definite-term lease? Multiple choice question. The lease automatically expires. The lease is automatically renewed as a month-to-month lease.
What is a freehold tenant?
A freehold estate indicates ownership, while a nonfreehold estate, sometimes referred to as the law of landlord and tenant, involves a lessor and lessee arrangement. For example, a tenant could start out with a one-year lease (tenancy for years).
What happens to a life estate after the person dies?
What happens to a life estate after someone dies? Upon the life tenant’s death, the property passes to the remainder owner outside of probate. They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.
Can a Remainderman be changed?
Yes, in Florida a remainderman can be changed, however, there are certain steps that should be taken to do so with ease. For example, if Jane designates her children as remaindermen on the deed of her property then that can be changed or altered should Jane ever become estranged or fall out with any of her children.
Can a life tenant be a trustee?
The Life Tenant can be a trustee, but should not be given power to act as a sole trustee. If required, the Settlor can act as a trustee.
Will creating life interest?
In a life interest, however, you can transfer the estate to a person for his lifetime after which the property gets vested in the next generation or as defined in the will or deed. The person in whose favour a life interest is created can be considered a life tenant.
Can a life tenant remarry?
A beneficiary who is entitled to the income of the trust for life is known as a ‘life tenant’ or as ‘having a life interest’. The trust period normally ends if the death of the life tenant but it is possible to end the life interest at another time such as on remarriage or after a specified period of time.
How does a trust work when someone dies?
If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years.
Can trusts be contested?
A trust can be contested for many of the same reasons as a will, including lack of testamentary capacity, undue influence, or lack of requisite formalities. The beneficiaries may also challenge the trustee’s actions as violating the terms and purpose of the trust.