Texas Affidavit As to Termination of Life Estate Created by Deed / Assignment
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How to fill out Affidavit As To Termination Of Life Estate Created By Deed / Assignment?
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FAQ
A lady bird deed is a special kind of "life estate" deed that allows you to transfer real estate to a designee at your death without having to go through the probate process. Texas is one of only a few states that recognize them.
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.
The person with the right to use the property is a life tenant. The individual with a future right is called the remainderman. Once the life tenant passes away, the remainderman owns the property outright.
Rights Of A Life Tenant The right to all rents and profits during possession: If the property produces income, the life tenant has the exclusive right to it. This includes royalties from an oil and gas well if a producing well was in existence at the time the life estate was granted.
Affidavit of Death: When the property owner who created a Transfer on Death Deed dies, this form is used by a named beneficiary to get legal ownership of the property. Title to the property does not pass to the beneficiary(ies) until the Affidavit of Death is filed.
An affidavit of heirship must be signed and sworn to before a notary public by a person who knew the decedent and the decedent's family history. This person can be a friend of the decedent, an old friend of the family, or a neighbor, for example.
What are the pros and cons of life estates? Avoid probate. Possible tax breaks for the life tenant. Reduced capital gains taxes for remainderman after death of life tenant. Capital gains taxes for remainderman if property sold while life tenant still alive. Remainderman's financial problems can affect the life tenant.
Most life estates are irrevocable, and the laws concerning life estates vary by state. One way to work around the need for remainderman approval, is to use a Testamentary Power of Appointment, a clause in a will permitting the life tenant to change the person to whom the property will be left upon death.
