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).
Life Estate Deed Form Wisconsin Without A Lawyer
State:
Wisconsin
Control #:
WI-021-77
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Wisconsin Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
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.
To determine the value of a life estate, multiply the real value by 6%, then multiply this product by the annuity dollar at the nearest birthday of the owner of the life estate (see table below).
Legal instruments such as warranty deeds, quit claim deeds, etc., that convey title from one property owner to a new owner, are usually drafted by attorneys, or paralegals or legal secretaries under the supervision of an attorney.
It must be filed electronically on the Wisconsin Department of Revenue website . The eRETR receipt and any applicable transfer fee must accompany the document intended to be recorded.
A life estate is created when a property holder transfers ownership of the property to someone else and retains the right to live on the property and the income from it. The new owner of the property is referred to as the remainder person.