
09/09/10, 10:32 AM
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Banned
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Join Date: Dec 2009
Location: Piedmont Central Virginia
Posts: 641
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1fast68, that life estate?
Okay, 1fast68 and any other folks who have bought land from an elder with a life estate, I'd like to know how that works in practice or, more to the point, the specific arrangements you made. Since you're the new owner, logically you would want use of the land for haying or putting in a pond or orchard or whatever. Do you measure off a portion where. Old lady's house and flowers are and say, "This is yours till you croak but the rest is mine to do with as I wish?" Or maybe, say, she has goats, do you share the land and put your pigs in with her goats, or fix her fences when they fall down? Does your agreement say something like, "After you croak, your heirs have six months to clear out your personal possessions. After the deadline anything left behind is mine. The refrigerator and stove do not convey."
I am really interested in how this grandson, you, the judge and the OL foresaw problems and the steps you took to avert them. (Besides the power line easement which you have apparently since dealt with.)
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