Life Estate Deed at Life

Life Estate Deed. Allowing them to mortgage, lease, rent, or sell the property without the consent of the remaindermen in addition to the benefits of the life estate deed. A life estate is a form of joint ownership that gives a person (the life tenant) ownership rights in property during their lifetime.

These deeds are typically created when a person wants to pass a piece of property to an heir without the need for a will or for the process of probate after they pass away. To create a life estate, most states require that a certain phrase is included in the new owner section of the deed. Drafting life estate by deed a deed normally contains a description of the property, the name of the transferring owner and the name of the new owner.

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Put simply, a life estate deed is a specialized type of deed that lets a property owner use their property while they are still alive, then automatically transfer ownership of the property at. These deeds are typically created when a person wants to pass a piece of property to an heir without the need for a will or for the process of probate after they pass away. A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary. The enhanced life estate deed or lady bird deed is an enhanced life estate deed, allowing the life tenant to maintain complete control over the property for their lifetime.