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.
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Interesting Questions
While it’s not strictly necessary, having a lawyer to help draw up the deed can ensure everything is in order and your wishes are fully met.
Having a Life Estate Deed may affect your property taxes depending on local laws, but generally, you retain the same tax benefits as before the deed was created.
If you need to move, you can keep living in the home as long as you want, but if you choose to sell, you’ll have to work things out with the remaindermen.
You can't sell the whole property without the consent of the remaindermen, since they have a stake in it too. If you want to sell, it usually involves a bit of teamwork.
The person who creates the deed (the life tenant) gets to live in the property, and the remaindermen (the beneficiaries) receive the property after the life tenant’s passing.
In Omaha, a Life Estate Deed allows you to pass on your property to someone else after you pass away, while you still get to enjoy living in the home until that time.
A Basic Life Estate Deed is a legal document that allows you to transfer ownership of your property while still retaining the right to live in it for the rest of your life.