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 New York
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
A life estate deed is a tool that can help with estate planning. With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death. Upon death, the property passes to the beneficiaries.
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death.
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).
You can create a legal life estate in real property by conveying the property using a deed, which creates the life estate for the life tenant. The deed also creates a "remainder interest" for the remaindermen who will receive full ownership immediately at the life tenant's death.