Arkansas Affidavit As to Termination of Life Estate Created by Deed / Assignment
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FAQ
The Enhanced Life Estate Deed enables a Florida real estate property owner to maintain their homestead exemption (both creditor and tax) if homestead protections apply ? even though the grantor holds a life estate during their lifetime. It's automatic.
With a standard life estate deed, if circumstances change, the property's original owner?who, again, is often also the life estate holder or life tenant?can reverse or change the life estate deed only with the approval of the remainderman.
A life estate deed is often used to provide housing for someone until they die. Mom might own a home in her own name and create a life estate deed that gives her much younger husband (Stepdad) a life estate in the property so Mom can be assured he will always have a place to live.
Therefore, the life estate holder can mortgage, lease, rent, or sell the property without needing the consent of the remaindermen named in the deed.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
A life estate may limit the transferability of the property, as the life tenant can only sell or transfer their interest in the property for the duration of their life or the designated measuring life.
