This form is a Warranty Deed where the grantor is an individual and the grantees are six individuals who are grantor's children. Grantor conveys and warrants the described property to the grantees subject to a retained life estate. Grantees take the property as tenants in common or as joint tenants with the right of survivorship. This deed complies with all state statutory laws.
Maine Life Estate Deed Form California
Category:
State:
Maine
Control #:
ME-SDEED-9-8
Format:
Word;
Rich Text
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How to fill out Maine Warranty Deed From Parent To Six Children With Reserved Life Estate?
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FAQ
Within a life estate, the life estate deed is a document that grants the owner the ability to pass on ownership of a property without including it in a will as part of a person's assets. As a result, the property does not have to go through probate?the court process used to validate wills.
A life estate vests the beneficial use of property in a person for their lifetime. The person who holds the life estate is the life tenant. The life tenant may have the right to occupy a residential property and/or the right to income from property that is rented or leased to others.
A life estate vests the beneficial use of property in a person for their lifetime. The person who holds the life estate is the life tenant. The life tenant may have the right to occupy a residential property and/or the right to income from property that is rented or leased to others.
Life Estate Deeds and Divorce in California: However, the division of a life estate deed can be complex, as this type of deed provides one party the right to use the property during their lifetime, with the remainder interest going to another party upon their death.
When you die, this deed transfers the described property, subject to any liens or mortgages (or other encumbrances) on the property at your death. Probate is not required. The TOD deed has no effect until you die.