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).
Kentucky Life Estate Deed Form Minnesota
Category:
State:
Kentucky
Control #:
KY-021-77
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Kentucky Warranty Deed To Child Reserving A Life Estate In The Parents?
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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.
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 piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the "remainderman" (in this example, Son).
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
A life estate is a form of legal ownership that is usually created through a deed, will, or by operation of law. is an interest in real property that entitles the life estate owner (sometimes referred to as the life tenant) to the right to occupy, possess or otherwise use the property for the lifetime of one or more ...