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).
Mississippi Life Estate Deed Form With Example
Category:
State:
Mississippi
Control #:
MS-021-77
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Mississippi Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
For a transfer on death deed to be valid in the state of Mississippi, it must be recorded in the deed records of the chancery clerk of the county where the real estate is located (§ 89-3-1(d)). This must happen before the property owner dies; otherwise, the deed won't be considered valid.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
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.
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.
Legal document is required (such as will or deed). Unless the legal document restricts rights, the life estate owner has the right to possess, use, and obtain profits from the property (such as rents). Life estate interest can be sold. Life estates do not descend to heirs.