Maryland Life Estate Deed With Powers

State:
Maryland
Control #:
MD-SDEED-2
Format:
Word; 
Rich Text
Instant download

Description

This form is a Warranty Deed where the grantor(s) retains a life estate in the described property.
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  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate
  • Preview Warranty Deed for Parents to Child with Reservation of Life Estate

How to fill out Maryland Warranty Deed For Parents To Child With Reservation Of Life Estate?

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FAQ

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.

The life tenant cannot leave the property to his or her heirs. Instead, after the life tenant's death, the property goes to the remainderman. The remainderman (or remaindermen) is the person (or people) with the right to take possession of the property after the death of the life tenant.

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.

Life estate deeds with full power allow the grantor of the life estate the choice to change the deed, reclaim all rights to their home, or sell or mortgage the property. They do not need the consent of the remaining beneficiaries to do so. They can revoke the life estate for any reason they choose.

A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.

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Maryland Life Estate Deed With Powers