Detailed Answer
In Alaska, a life estate gives a person property rights limited to their lifetime. A remainder interest defines who receives the property after the life tenant dies.
Rights and Duties of the Life Tenant
Under AS 34.15.010, a life estate is a freehold estate limited to the life of the holder. The life tenant may:
- Possess and occupy the property
- Collect rents and profits
- Culture and harvest crops
The life tenant must:
- Maintain the property in reasonable repair
- Avoid committing waste that reduces value
- Pay property taxes and insurance related to ordinary use
Remainder Interest and Remainderman
A remainder interest is a future interest that vests when the life estate ends. Under AS 34.15.020, a remainder vests at the life tenant’s death unless the will creates a contingent remainder. Consider:
- Vested remainder: The remainderman is certain to inherit; the interest is valid at creation.
- Contingent remainder: The remainderman inherits only if a specified condition occurs (for example, reaching a certain age).
When a will designates a remainderman, the will must clearly identify the remainderman and any conditions. Courts interpret ambiguous wills using AS 13.16.010.
Practical Steps
- Review the will’s language for specific terms granting a life estate and naming the remainderman.
- Check for any conditions that may delay or defeat the remainder interest.
- Consult the recorder’s office to record the life estate deed and preserve notices.
Helpful Hints
- Always record life estate interests to protect your rights.
- Keep property insurance and taxes current to avoid liens or loss.
- Confirm whether the remainder interest is vested or contingent.
- Consult an attorney if the will’s language is unclear or disputed.