Deed With Life Estate Sample For Sale
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FAQ
Within a life estate, the life estate deed is a document that grants the owner the ability to pass on ownership of a property without including it in a will as part of a person's assets.
In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
After the death of the life estate holder, the lady bird deed automatically transfers ownership of the property to the remainder beneficiaries. The remainder beneficiaries should record a copy of the death certificate in the county where the property is located.
A: A life estate deed is an irrevocable transfer of your property to remainder beneficiaries (?remainderman?) while reserving the ownership and right of use of the property for your lifetime. This transfer avoids probate upon death while retaining ownership interest for your lifetime.
The main drawback to the Life Estate Deed is that once it is executed, you only have the right to live on the property: you cannot mortgage, lease, rent, or sell the property unless you obtain the consent of the remaindermen (i.e., the future interest holder).