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.
Sure thing! One risk is if the future owner decides they want to sell the property while the current owner is still living, it could lead to some family tension.
One big perk is that it helps avoid probate, which can be a long and costly process. Plus, it keeps the property in the family.
Yes, the owner can change or revoke the deed while they are still alive, as long as they follow the legal steps needed to do so.
The current owner continues to live in and manage the property, like no big change at all, but they can't sell it without the permission of the future owner.
Typically, any property owner in Memphis can create a basic life estate deed, as long as they are of sound mind and understand what they are doing.
With this deed, the owner keeps control of the property for their lifetime, and when they’re gone, the property goes directly to the next person named in the deed, without going through probate.
A basic life estate deed is a way to transfer property ownership while allowing the current owner to keep living there until they pass away.