Life Estate Deed Explained
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FAQ
If you hold the life estate your obligated to make repairs that are essential to the preservation of the property, your obligated to pay the interest on any outstanding mortgages and Property taxes.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
The life tenant is the property owner for life and is responsible for costs such as property taxes, insurance, and maintenance. Additionally, the life tenant also retains any tax benefits of homeownership.
In addition, life estates allow the owner to control the property in all respects, except that they cannot sell or mortgage the property without the consent of their heirs. If created in a timely manner, a life estate can even help its creator qualify for Medicaid assistance.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.