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 Wisconsin Withholding
State:
Wisconsin
Control #:
WI-021-77
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Wisconsin Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
The deed transfer tax is $3.00 per $1000.00 or major fraction thereof of consideration. The seller customarily pays the deed transfer tax. Wisconsin does not have a mortgage, recordation or excise tax.
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.
The Wisconsin real estate transfer fee (RETF) is imposed upon the grantor (seller) of real estate at a rate of $3.00 per $1,000 of value.
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).
You must sign the TOD designation and get your signature notarized, and then record (file) the designation with the county register of deeds before your death. Otherwise, it won't be valid. You can make a Wisconsin designation of transfer on death beneficiary with WillMaker.