Life Estate Clause In Will Example
Description
How to fill out Wisconsin Release Deed - Life Estate - Individual To Nine Individuals?
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FAQ
Example: John's will creates a life interest in the farmland he owned to his partner Molly, with the farm to go to their child Lex on Molly's death. John's will states 'I give a life interest in the farmland to my partner Molly, and the remainder interest in the farmland to my child Lex'.
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.
In your will, you should: State that the document is your will and reflects your final wishes. ... Name the people you want to inherit your property after you die. ... Choose someone to carry out the wishes in your will. ... Name guardians to care for your minor children or pets, if you have them. Sign the will.
For example, a testator could say: ?I give all of the residue of my estate to my wife if she survives me. If my wife does not survive me, I give all of the residue of my estate to my son.? The vast majority of a decedent's assets often pass ing to the terms of a residuary clause.
An example of a life estate with Jane Smith as the remainderman is "to John Smith for life, then to Jane Smith." Jane Smith is the remainderman in this example because she is the person inheriting title to the property following the death of John Smith.