Life Estate Deed Form Illinois Format
Description
How to fill out Illinois Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
A life estate is the continued possession of property during one's life while at the same time transferring it to another party or parties. Thus, the party living in the house or possessing the property has a tenancy for an uncertain time, but they cannot sell it.
You and two witnesses must sign the TOD instrument while in the presence of a notary public, and then record (file) the document with the county recorder of deeds before your death.
How to Create an Illinois Warranty Deed Form The names and address of the current owner and new owner; An accurate legal description of the real estate; A statement of consideration; and. Addresses for return of the recorded deed and for future tax statements (often the same address).
Cons of a Life Estate Deed Lack of control for the owner. ... Property taxes, which remain for the life tenant until their death. ... It's tough to reverse. ... The owner is still vulnerable to any debt actions that may be brought against the future beneficiary or remainderman.
How to Create an Illinois Warranty Deed Form The names and address of the current owner and new owner; An accurate legal description of the real estate; A statement of consideration; and. Addresses for return of the recorded deed and for future tax statements (often the same address).