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 not absolutely necessary, having a lawyer is a good idea to make sure everything is done right and to avoid any bumps in the road down the line.
If the life tenant decides to move out before passing away, they can no longer live there, and the property goes to the remainderman.
Yes, taxes can still be a factor since the life tenant may be responsible for property taxes during their lifetime, so keep an eye on that!
Once it’s signed and recorded, it’s quite tough to change the terms, so it’s wise to think long and hard before finalizing it.
It’s a good option for those who want to make sure loved ones inherit property while allowing themselves to live there during their lifetime.
With this deed, the person, called the life tenant, has the right to use the property for their lifetime, but they can’t sell it or change it without permission from the remainderman, who gets the property after.
A Basic Life Estate Deed is a legal document that allows a person to live in a property until they pass away, while still giving someone else ownership after that.