This is a Basic Life Estate Deed. A life estate has exclusive rights to the use and enjoyment of the land, including the right to live there, and all income rights from the property, as. long as the life estate owner has a pulse. The “remainder” interest of the. property is what remains at the death of the life tenant.
While it's definitely a good idea to consult a lawyer to avoid any hiccups, you can set one up yourself if you're easy on the paperwork and know what you’re doing!
Not quite! A Basic Life Estate Deed is about what happens while you're alive and after, whereas a will only kicks in after you’re gone. They’re like different sides of the same coin.
If you sell the property, you give up your life estate, and the buyer gets full ownership. So, it's like passing the baton and running a new race!
Sure thing! Though it might take some paperwork, you can change your Basic Life Estate Deed later if you want to switch things up.
Using this deed helps avoid probate, ensures your wishes are followed, and lets you keep living in your home for as long as you want. It's a win-win situation!
Basically, anyone who owns property can set up a Basic Life Estate Deed. It's a way to control who gets your property after you pass without going through the hassle of probate.
A Basic Life Estate Deed allows you to use a property while you're alive, and once you're gone, the property automatically goes to someone else. It's like having your cake and knowing who gets to eat it!