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 With Powers
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 transfer on death deed, or a TOD Deed, allows for individuals to pass real property to a beneficiary upon their death. Because the transfer occurs through the deed itself and is made effective upon death, the transfer is not part of the probate process.
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.
Kentucky Transfer-on-Death Deeds Kentucky has not authorized transfer-on-death (TOD) deeds. Property owners in states that allow TOD deeds can record a TOD deed during life without giving up any rights in the property until the owner's death.
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
Life Estates avoid probate; the property automatically transfers to your heirs upon the death of the last surviving Life Tenant. Transferring title following your death is a simple, quick process.