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 South Carolina
Category:
State:
Kentucky
Control #:
KY-021-77
Format:
Word;
Rich Text
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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 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).
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).
Life Tenant(s) maintain responsibility for property taxes, insurance and maintenance. Life Tenant(s) are also entitled to rent out the property and to receive all income generated by the property. Remainder Owner(s) automatically take legal ownership of the property immediately upon the death of the last Life Tenant.
The Validity of Lady Bird Deeds in South Carolina Lady Bird deeds, or enhanced life estate deeds, are not recognized in South Carolina. Instead, individuals looking to retain control of their property during their lifetime while designating a beneficiary upon their death may need to consider options like living trusts.