Massachusetts Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse
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How to fill out Deed Conveying Condominium Unit To Charity With Reservation Of Life Tenancy In Donor And Donor's Spouse?
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FAQ
In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
You cannot simply remove or change a name once it is on a deed to real estate like you can change the beneficiary on a life insurance policy or bank account. Once a remainderman is named on the deed to your house, he or she has an interest in the home and his or her legal problems could become yours.
Master deed. This is a deed filed by a condominium owner to record the property and allow sales of the individual condos and use of communal areas by owners.
This is a deed in which you transfer your home (or other real estate) to the persons whom you want to have it after you pass away (remaindermen), but reserve unto yourself the right to live in your home until you pass away. Typically, the remaindermen are your children.
A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it.
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.
