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 Powers
Category:
State:
Mississippi
Control #:
MS-021-77
Format:
Word;
Rich Text
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â—¦ If the life estate is to be held with powers, explicitly state and include all powers that are retained. A life estate deed allows you to own a property while you are living, and gives it to the people you name (legally called "remainderman") after you die.We added our three children to our deed via a Life Estate with Powers. The three remainderman are designated as Tenants in Common. Deeds "With Powers" are generally written to allow the Life Tenant to have full control over the property. 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 is a type of property ownership where two or more people have ownership rights. The powers can be limited, if you choose, but most will just state that all powers are retained. Solution A: Testamentary Power. 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.