Indiana Deed Conveying Property to Charity with Reservation of Life Estate
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How to fill out Deed Conveying Property To Charity With Reservation Of Life Estate?
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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.
A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the "remainderman" (in this example, Son).
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
Within a life estate, the life estate deed is a document that grants the owner the ability to pass on ownership of a property without including it in a will as part of a person's assets.
If you own property jointly with someone else, and this ownership includes the "right of survivorship," then the surviving owner automatically owns the property when the other owner dies.
Executor's Deed: This may be used when a person dies testate (with a will). The estate's executor will dispose of the decedent's assets and an executor's deed may be used to convey the title or real property to the grantee.
In Indiana, real estate can be transferred via a TOD deed, which allows a property owner to designate a beneficiary who will automatically inherit the property upon the owner's death, avoiding probate.
The person who has the right to occupy and use the property is called the life tenant. The owner of the property subject to the life estate is called a remainderman. When the life estate terminates, title to the property automatically passes to the remainderman free and clear of the life estate.
