This form is a Life Estate Deed where the Grantor is an individual and the Grantee is an Individual. Grantor conveys and warrants the described life estate to the Grantee. This deed complies with all state statutory laws.
Life Estate With Powers
Category:
State:
Oregon
Control #:
OR-033-78
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Word;
PDF;
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How to fill out Oregon Life Estate Deed From An Individual To An Individual.?
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FAQ
When the life tenant dies, the remainderman typically receives a step-up tax basis in the property. This means the remainderman takes ownership of the home at its fair market value at the time of the life tenant's death.
A remainder interest in property is the value or portion of the property inherited by an individual after the death of another heir. The remainder interest can be created by a will, a trust agreement, or a deed. In turn, a remainderman is a person who holds a remainder interest in property.
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.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
Life estate deeds with full power allow the grantor of the life estate the choice to change the deed, reclaim all rights to their home, or sell or mortgage the property. They do not need the consent of the remaining beneficiaries to do so. They can revoke the life estate for any reason they choose.