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 Without
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
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.
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.
However, preparation of deeds and mortgages constitutes the practice of law and must be prepared by an attorney.
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
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.