Washington 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
Life estates. (1) "Life estate" means an ownership interest in real property only during the lifetime of a specified person. (2) Subject to subsection (3) of this section, a life estate is an available resource, unless it is either excluded or unavailable under chapter 182-512 WAC.
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.
The life tenant is the property owner for life and is responsible for costs such as property taxes, insurance, and maintenance. Additionally, the life tenant also retains any tax benefits of homeownership.
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.
In the State of Washington, a life estate is a legal arrangement where a person, known as the ?life tenant,? has the right to use and occupy a property for the duration of his or her life. The life tenant has all the same rights and responsibilities as a regular owner, but only for the length of his or her life.
