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.
Absolutely! A regular deed transfers full ownership. A Basic Life Estate Deed splits ownership between the life tenant and the remainderman. It's like sharing a pizza but keeping your favorite slice for later!
Once the life tenant passes away, the property automatically goes to the remainderman. It's like passing the baton in a relay race!
Nope, as the life tenant, you can't sell or rent the property without the agreement of the remainderman—the person who will inherit it later.
It helps avoid probate, which means property can be transferred quickly and easily after someone's passing. It's like a shortcut through traffic!
Usually, the owner of the property can set up this deed. They can also name a beneficiary who will inherit the property later on.
A Basic Life Estate Deed lets someone live on a property for their lifetime, while allowing the property to pass to someone else after they're gone. It's like having your cake and eating it too!