Virginia Quitclaim Deed of Life Estate Interest Created Under A Will, to the Remainderman
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How to fill out Quitclaim Deed Of Life Estate Interest Created Under A Will, To The Remainderman?
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FAQ
A life estate deed creates a unique balance of ownership between the life tenant (the person living in the property) and the remainderman. The life tenant retains the right to live in the property until death, at which point ownership automatically transfers to the remainderman.
A life estate in Virginia is an estate held for a duration of a particular person's life. That life tenant has the right to possess and enjoy the real estate, including being entitled to all profits arising during their tenancy. The life tenant has an obligation to pay taxes and preserve the property.
Removing a Living Person from a Life Estate If someone (an owner) is alive, they cannot be ?removed? from a deed. Further, a co-owner cannot remove the interests of other owners in an estate by executing a new deed without their consent. There is no direct or indirect way to eliminate any of them from a title.
Life estates, terms for years, annuities, patents, and copyrights are therefore terminable interests. However, a bond, note, or similar contractual obligation, the discharge of which would not have the effect of an annuity or term for years, is not a terminable interest.
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.
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.
With a standard life estate deed, if circumstances change, the property's original owner?who, again, is often also the life estate holder or life tenant?can reverse or change the life estate deed only with the approval of the remainderman.
A remainder interest in property is the value or portion of the property inherited by an individual after the death of another heir. The remainder interest can be created by a will, a trust agreement, or a deed. In turn, a remainderman is a person who holds a remainder interest in property.
