This warranty deed is from parent(s) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
Life Estate Deed Alaska With Full Powers Maryland
Category:
State:
Alaska
Control #:
AK-021-77
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Word;
PDF;
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How to fill out Alaska Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
Life Estate Deed Without Powers With this type of Deed, you are listing the remainderman as a beneficiary of the real property and you are not retaining the right to sell, mortgage, or reconvey the property.
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.
Life estate deeds with full power allow the grantor of the life estate the choice to change the deed, reclaim all rights to their home, or sell or mortgage the property. They do not need the consent of the remaining beneficiaries to do so. They can revoke the life estate for any reason they choose.
The life tenant cannot leave the property to his or her heirs. Instead, after the life tenant's death, the property goes to the remainderman. The remainderman (or remaindermen) is the person (or people) with the right to take possession of the property after the death of the life tenant.
A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property. In Maryland, there are two options for this type of life estate deed. Life Estate Deed With Powers.