Life Estate In Real Estate at Life

Life Estate In Real Estate. A life estate is typically formed for real estate. A life estate deed is a legal document that grants real estate ownership to two or more parties according to two types of interest.

For example, a parent might form a life estate for their residential property and make their child the beneficiary. In legal terms, it is an estate in real property that ends at death, when ownership of the property either reverts to the original owner or passes to another person. A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.

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Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it. Life estate deeds work by dividing the property into two types of interests. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it. The life estate and remainder interest are then transferred to different owners.