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.
To make sure your Basic Life Estate Deed is on the up and up, get it drafted by a qualified attorney and have it officially recorded with your local county office.
Not quite! A Basic Life Estate Deed is more about what happens to your property while you're alive and after you've passed. A will, on the other hand, covers all your assets and wishes once you're gone.
If the person you gave the right to lives in the property passes away before you do, the property will be handed over to the next person named in the deed.
Yes, you can change your mind! Just be aware that if you decide to revoke it, you’ll need to follow the proper legal steps to undo it.
Usually, folks who want to make sure their loved ones can live in their home without any hassle while they’re alive, but want to pass it on to someone else after they’re gone.
A Basic Life Estate Deed is a legal document that allows you to give someone the right to live in your property while you are alive. Once you pass away, the property goes to someone else, like your kids or another heir.