This form is a warranty deed 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).
Georgia Life Estate With Powers
Category:
State:
Georgia
Control #:
GA-021-77
Format:
Word;
Rich Text
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How to fill out Georgia Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
- In a life estate the tenant is entitled to have the possession of the property for the tenant's own enjoyment, and all that the remainderman can require is that the "corpus" of the property shall be kept in preservation, to be delivered to the remainderman on the termination of the life estate.
You'll need to create a life estate deed with the help of an attorney and the person you intend to be your remainderman. From there, you must file the deed with the county court.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
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.
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 Georgia, ensure the future ownership of their property, or even qualify for Medicaid.