Deed Reserving Life Estate For Property
Description
How to fill out Oklahoma Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
A life estate is a property interest that limits itself by the tenant's lifetime. In other words, the life tenant holds the right to use and occupy the property for their lifetime, after which the remainderman takes possession.
Life Estates establish two different categories of property owners: the Life Tenant Owner and the Remainder Owner. The Life Tenant Owner maintains the absolute and exclusive right to use the property during his or her lifetime. This can be a sole owner or joint Life Tenants.
Rights of a remainderman A remainderman has an interest in assuring that the life tenant does not destroy, damage, or otherwise diminish the value of the property. The life tenant must maintain the property, make any existing mortgage payments, pay property taxes, and keep the property adequately insured.
A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.
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.