Mississippi Life Estate Deed Form For California
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FAQ
If a couple has a life estate and one spouse dies, the remaining spouse is the sole owner of the life estate. When the remaining spouse dies, the person holding the remainder interest then has the right to possess and use the property.
Creating a life estate only requires a new deed to be drafted and recorded. Probate avoidance. Ownership automatically transfers to the remainder owner upon the death of the life tenant owner.
Unless specially restricted, a life estate can be sold, leased or mortgaged. Because beneficial use of the property accompanies a life estate, the creation, transfer or termination of a life estate is a change of ownership under Proposition 13.
Creating a Life Estate in California Draft a deed and include language that reserves your life estate interest in the property. Include the legal description of the property in the deed. Include the name of the county where the property is located when drafting the deed.