Inquiry: My siblings and I inherited my grandparents home and my uncle has a life lease. My father, his brother, bought out this uncle and another brother. Do we still have to uphold the life lease? If so, who is responsible for the taxes, maintenance, etc?
Response: My understanding of the facts is that your father bought out the interest which the brother (with the life lease) would have received (if there are three brothers (1/3 share)). The life lease appears to have been an interest that he received on top of the 1/3 share. In that scenario, then one must honor the life lease. Typically, the owner of the life lease is responsible to pay the taxes and insurance on the property. Look to the deeds. Some life estates are subject to conditions. E.g. To Uncle for life or until he remarries.