Tennessee Deed Conveying Property to Charity with Reservation of Life Estate
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FAQ
Life Estates and Equitable Estates. Section 26-2-301 shall apply to life estates and equitable estates which are owned by an individual and used by the individual or individual's spouse or dependent as a principal place of residence.
A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Tennessee, ensure the future ownership of their property, or even qualify for Medicaid.
Cons of a Life Estate Deed These include: Lack of control for the owner. Once a life estate deed is set up, the life tenant can't sell it, take out a mortgage, or otherwise control what happens to the property after they die.
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.
Life Estate Created by Deed (to Take Effect Immediately) To create a life estate during lifetime, the owner of the home would usually sign and record a deed conveying the home to his or her children and reserving to himself/herself and to his/her spouse a life estate as to each.
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.
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.
