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).
Life Estate Deed Form Massachusetts With Powers
Category:
State:
Massachusetts
Control #:
MA-021-77
Format:
Word;
Rich Text
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How to fill out Massachusetts Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
Grantor Signature ? The signature of the person/persons/entity conveying the property; Acknowledgement ? Grantor signature must be acknowledged by a notary public; Recording ? Once executed and acknowledged, a deed should be recorded at the registry of deeds. The filing fee for a deed is $155, payable by cash or check.
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.
In Massachusetts, real estate cannot be transferred via a TOD deed. Other methods, such as joint ownership or a revocable living trust, must be used to avoid probate for real estate. This is a significant difference from many other states and is crucial to consider when planning your estate.
The life estate ends at the death of the life tenant (or at the death of the last survivor of the life tenants if there is more than one). At that point, the so-called ?remaindermen? take over both full ownership and the right to occupy and control the property.
Grantor Signature ? The signature of the person/persons/entity conveying the property; Acknowledgement ? Grantor signature must be acknowledged by a notary public; Recording ? Once executed and acknowledged, a deed should be recorded at the registry of deeds. The filing fee for a deed is $155, payable by cash or check.