South Carolina Affidavit As to Termination of Life Estate Created by Deed / Assignment

State:
Multi-State
Control #:
US-OG-005
Format:
Word; 
Rich Text
Instant download

Description

This affidavit provides for a death certificate of the deceased life tenant to be attached. It is evidence of the death of the life tenant and names the remaindermen.

How to fill out Affidavit As To Termination Of Life Estate Created By Deed / Assignment?

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FAQ

For example, A grants her brother B the property deed for life, and upon B's death, the land deed to C, B's son, or C's offspring if he does not live. C holds a remainder, and his offspring will inherit a "contingent remainder" if C dies before the title passes.

Synonyms. The synonyms remainderer, remainderperson, and remainor may be found in legal dictionaries, but are rarely used in practice. A female person in the position of a remainderman is also termed a remainderman.

Remainderman is an individual getting ownership rights upon the demise of a life tenant. In comparison, a beneficiary is someone who receives an advantage from something. It is strictly related to real estate property and trust funds, but a beneficiary can benefit from the money, security, assets, etc.

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.

Rights of a remainderman A remainderman has an interest in assuring that the life tenant does not destroy, damage, or otherwise diminish the value of the property. The life tenant must maintain the property, make any existing mortgage payments, pay property taxes, and keep the property adequately insured.

A 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.

2d, Deeds, Section 74. In South Carolina, a husband is able to create a life estate in his wife and reserve a life estate in himself.

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.

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South Carolina Affidavit As to Termination of Life Estate Created by Deed / Assignment