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Hear this out loud PauseA: A life estate deed is an irrevocable transfer of your property to remainder beneficiaries (?remainderman?) while reserving the ownership and right of use of the property for your lifetime. This transfer avoids probate upon death while retaining ownership interest for your lifetime.
Therefore, the life estate holder can mortgage, lease, rent, or sell the property without needing the consent of the remaindermen named in the deed.
Hear this out loud PauseA remainderman is a property law term that refers to a person who stands to inherit property at a future point in time upon the termination of a preceding estate?usually a life estate. A remainderman is a third person other than the estate's creator, initial holder, or either's heirs.
Hear this out loud PauseWith a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death.
If you hold the life estate your obligated to make repairs that are essential to the preservation of the property, your obligated to pay the interest on any outstanding mortgages and Property taxes.
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.
Hear this out loud PauseThere 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.
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.