Michigan Life Estate With Remainder
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FAQ
For the life estate interest, multiply the figure in the life estate column for the individual's age by the equity value of the property. 3. For the remainder interest, multiply the figure in the remainder interest column for the individual's age by the equity value of the property.
A life estate is a term used to describe a type of ?ownership? or use of property (or other assets) for the duration of a person's life. It is commonly referred to as a life interest.
Life interest in American English noun. interest on property that is payable during the owner's lifetime but cannot be passed on to another or others after his or her death.
A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Michigan, ensure the future ownership of their property, or even qualify for Medicaid.
It is the right to own and possess the land after the fixed interest of current holder expires. Thus, a remainder can follow a life estate or a term of years. It is created by the use of the phrase "then to" or similar language.