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 With Full Powers
Category:
State:
Mississippi
Control #:
MS-021-77
Format:
Word;
Rich Text
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We added our three children to our deed via a Life Estate with Powers. The three remainderman are designated as Tenants in Common.The powers retained in this type of Deed include the ability to remain living in the property, sell, refinance, transfer or mortgage the property. A life estate can be an excellent tool for Medicaid planning, probate avoidance, and tax efficiency, but there are potential problems to look out for. An Enhanced Life Estate Deed, also commonly known as a Ladybird Deed, is a Quitclaim Deed that helps you transfer your property to another within your lifetime. Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. A life estate deed is a legal document used in real estate to grant ownership of property to an individual for the duration of their life. Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. A life estate "with full powers" deed lets you change your mind. My parents have me on their house deed (life estate deed with full powers) following their passing.