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 Powers
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
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.
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.
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.