Florian owns a life estate in Blackacre and Walter owns a remainder interest.
A)Walter must pay the annual taxes and Florian the interest on any debts on Blackacre.
B)if the county charges Blackacre a curb and sidewalk assessment, only Walter would have to pay it.
C)Florian, since he presently occupies Blackacre, must by law pay the insurance on any buildings.
D)Florian would have to pay for ordinary repairs, such as painting or window replacements and Walter would have to pay for extraordinary repairs such as replacing a furnace.

Question

Quizplus · Accepted Answer

The holder of a life estate is responsible for ordinary repairs, such as painting or window replacements, while the remainderman is responsible for extraordinary repairs, such as replacing a furnace. The other options are incorrect because the responsibility for taxes, assessments, insurance, and debts varies depending on the terms of the life estate and remainder interests, and may be assigned differently between the parties or shared.

Florian Owns a Life Estate in Blackacre and Walter Owns