Life Estate Deed Wyoming With Powers
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FAQ
Fee simple ownership is the most complete form of ownership available to most investors. Fee simple ownership includes title and rights to both the land and any improvements (such as buildings) located on the land.
The property is controlled by the owners during their life. They can sell or do whatever they choose. Immediately after their passing, the property automatically goes to the person or people listed in the life estate deed. A deed also trumps a will (I know this from personal experience).
If one person owns a parcel of property in fee simple, she has the most complete form of ownership allowed by law. She may do with the property practically anything she chooses. The estate lasts perpetually and may be transferred from heir to heir.
Find it at Sections 2-18-101-106 of the Wyoming Statutes. A transfer on death deed is valid only if it is lawfully executed and recorded in the office of the county clerk for the county in which the real property is situated, before the death of the owner or the last surviving owner.
Key Takeaways. A life estate is a type of joint property ownership. Under a life estate, the owners have the right to use the property for life. Typically, the life estate process is adopted to streamline inheritance while avoiding probate.
