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).
Hawaii Life Estate Deed With Full Powers
Category:
State:
Hawaii
Control #:
HI-021-77
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Hawaii Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
Revoking the deed. If you later change your mind about who you want to inherit the property, you are not locked in. You have two options: (1) sign and record a revocation or (2) record another TOD deed, leaving the property to someone else. You cannot use your will to revoke or override a TOD deed.
A remainder is a future interest in land. 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.
Your transfer-on-death deed will be subject to Hawaii's 120-hour survival rule, which states that your beneficiary must survive you by 120 hours (or 5 days) to receive the property.
Hawaii is a lien theory state and uses mortgages instead of deeds of trust.
The deed or assignment of lease must be signed (in black ink) by the current owner and the new owner before a notary public. The deed or assignment of lease must be recorded in the State of Hawaii Bureau of Conveyances or Land Court. A Conveyance Tax Certificate must be filed and any tax due must be paid.