Oregon Life Estate Deed Without Powers
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How to fill out Oregon Life Estate Deed From An Individual To An Individual.?
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FAQ
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.
For example, a person can also own a life estate, which is the right to use property during their lifetime (or during the lifetime of some other specific individual). If there is a life estate, the property will pass to what is called the remainderman upon the end of the life in question.
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.
To transfer ownership of the real property to another, the current owner must execute a new deed and record it with the County Recorder's office.
(20) "Legal title" means legal ownership by a person. (21) "Life estate" means an interest in real or personal property that terminates upon the death of a measuring life.