Can a life estate be used to avoid probate?
Life estates are often used to avoid probate and give real estate to children without the parent losing her ability to live in the home. If a person owns a home in her name alone, and the property is not held in trust, the home will go through probate upon the person’s death.
What are the pros and cons of a life estate?
Whether or not an aspect of a life estate is a pro or a con can often depend on your circumstances and whether or not you are the life tenant or the remainderman. You will want to be aware of the factors we outline below.
What do you need to know about a life estate?
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Get Deed.
How to create and terminate a life estate?
The grantor must create a written document. In the document, the grantor indicates they are conveying the property for the length of someone else’s life. Generally, the writing takes the form of the following language: “I, Smith, convey my real property to Jones for life.” The writing,…
How to avoid probate of real estate after death?
Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. As discussed in How to Avoid Probate of Real Estate, a life estate deed is a popular estate planning tool. Life estate deeds are the oldest form of deed for avoiding probate at death and are well-established in most states.
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Get Deed.
Whether or not an aspect of a life estate is a pro or a con can often depend on your circumstances and whether or not you are the life tenant or the remainderman. You will want to be aware of the factors we outline below.
Can a life estate continue beyond the life of the beneficiary?
But the estate cannot continue beyond the life of the beneficiary. BREAKING DOWN ‘Life Estate’. A life estate is the vehicle by which the property owner, or the grantor, transfers legal ownership to another person, or the life tenant. In many cases, the grantor and the life tenant are the same person, but not always.