This form is a Warranty Deed where the Grantor is an Individual and the Grantee is an Individual. Grantor conveys the described property to Grantee subject to a life estate retained by the Grantor. This deed complies with all state statutory laws.
Mississippi Warranty Deed from Individual to Individual with Retained Life Estate
Category:
State:
Mississippi
Control #:
MS-022-78
Format:
Word;
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FAQ
What happens to a life estate after someone dies? Upon the life tenant's death, the property passes to the remainder owner outside of probate.They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.
With a life estate deed, the remainderman's ownership interest vests when the deed is signed and delivered (or recorded in the public record). Accordingly, the children's ownership interest in the property vested upon their father signing the deed and recording it in the public records, or the year 2000.
The creation of a life estate is accomplished by the language to Recipient for life or, if it is to be a life estate pur autre vie, to recipient for the life of (another person). The holder of the life estate is called the life tenant. If the property is to return to the original owner after the death of the life
Almost all deeds creating a life estate will also name a remaindermanthe person or persons who get the property when the life tenant dies.The life tenant is the owner of the property until they die. However, the remainderman also has an ownership interest in the property while the life tenant is alive.
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
1The date the deed was made;2The name of the party granting the life estate and their address;3The name of the grantee and their address;4The address and a legal description of the property that is subject to the life estate;How to Set up a Life Estate: 10 Steps (with Pictures) - wikiHow\nwww.wikihow.com > Set-up-a-Life-Estate
Can a life estate deed be contested? The answer is YES! The Life estate is an agreeable choice, particularly where there is an advantage in having the life estate revert back to its real owner (Grantor or Life Tenant).
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.