Life Estate Deed Montana Without Living There
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FAQ
If you pass away without a written will and if your spouse is living in a home on a parcel where you have undivided interests of less than 5%, he or she will receive a life estate in the home and the parcel where the home is located. Your surviving spouse gets to live in the family home throughout his or her lifetime.
A Montana deed cannot be recorded unless the owner's signature is acknowledged before a notary. Mont. Code § 70-21-203(1). A deed's notary acknowledgment and seal are exempt from the ink color and margin requirements that otherwise apply to Montana deeds.
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.
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.
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.