Warranty Deed With Life Estate Retained
Description
How to fill out Texas Lady Bird Or Enhanced Life Estate Warranty Deed - Individual To Individual?
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FAQ
The person with the right to use the property is a life tenant. The individual with a future right is called the remainderman. Once the life tenant passes away, the remainderman owns the property outright.
The life estate provides you with an absolute legal right to use the house, rent-free, for the rest of your life. When you pass away, the right of occupancy passes to the remainderpersons (your child(ren) or whomever you transferred ownership to).
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.
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.
If there is no third-party remainderman designated in the life estate deed, property ownership reverts back to the grantor, or the grantor's estate. A life tenant pays all property costs, applicable taxes, and insurance while in possession of the property.