Life Estate Deed Massachusetts Without Will
Description
How to fill out Massachusetts Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
In addition, life estates allow the owner to control the property in all respects, except that they cannot sell or mortgage the property without the consent of their heirs. If created in a timely manner, a life estate can even help its creator qualify for Medicaid assistance.
Remember, the life tenants only own the home for the rest of their lives so at the moment of their deaths, ownership will automatically pass to the remaindermen named in the deed. There's no need to file anything in the Probate Court for the ownership to change hands.
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.
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.