Maine Life Estate Deed With Full Powers
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FAQ
Deeds also contain certain historical information and specialized legal clauses necessary to validate the deed. There are also several types of deeds, each providing the owner of the land with a particular type of interest. Commonly used deeds in Maine are the quitclaim deed, warranty deed, and release deed.
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.
Cons of a Life Estate Deed Lack of control for the owner. ... Property taxes, which remain for the life tenant until their death. ... It's tough to reverse. ... The owner is still vulnerable to any debt actions that may be brought against the future beneficiary or remainderman.
Three of the most popular deed forms for transferring real estate during the owner's life are warranty deeds, quitclaim deeds with covenant, and quitclaim deeds without covenant.
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.