Mississippi Life Estate Deed Form With Answer
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FAQ
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.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
In addition, life estates allow the owner to control the property in all respects, except that they cannot sell or mortgage the property without the consent of their heirs. If created in a timely manner, a life estate can even help its creator qualify for Medicaid assistance.
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.
AN ACT TO AMEND SECTION 89-1-9, MISSISSIPPI CODE OF 1972, TO PROHIBIT A LEGAL LIFE ESTATE OWNER FROM RENTING OR LEASING THE LAND OR OTHER PROPERTY CONVEYED IN A LIFE ESTATE; TO PROHIBIT WASTE FROM BEING COMMITTED TO A LIFE ESTATE; TO PROVIDE THE LIMITED RIGHTS THAT A LEGAL LIFE ESTATE OWNER HAS TO CUT TIMBER ON THE ...