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She becomes a "life tenant." Joe remains at the property until he passes away. Life Estate Deeds are usually used to avoid probate and ensure that an intended heir will receive title to the Property. The term “life estate” describes a kind of joint ownership of real estate, such as a house. This might not be what Mom intended, yet she … It is important to include the right language to create the life tenant relationship. By Jeramie FortenberryReal Estate Attorney. Click here to create your own deed in minutes. The owner (s), also known as the “Grantor (s)”, sign a new deed, which re-deeds the real property back to himself. For example, if a mother buys a home for $50,000 in 1965 and the deed is such that mother retains a life estate and her son is given a remainder interest, mother passes away in 2002 when the property is worth $250,000, and in 2017 the son sells the property for $300,000. Issues Related to Life Estates. But unlike other forms of co-ownership, they do not have property rights at the same time as each other. Making your living trust will be easier if you think it through and gather necessary information before you sit down to do it. The individual who creates the life estate is the grantor. If you own real property and are looking for a way to avoid probate, you need to understand the benefits of a transfer on death deed. The person who holds the “life estate” has ownership of the property for the rest of their life. You want to make sure you have all your assets covered, but did you know that not all property can be bequeathed through a last will and testament? There are many benefits to creating a life estate deed, sometimes called a life estate trust: In addition to benefits, there are some drawbacks that should be considered before deciding on this course. He practices law in Texas and Florida. A life estate is a form of joint ownership that gives a person (the life tenant) ownership rights in property during their lifetime. You shouldn’t take anything on this site to be legal advice or make any decisions based on it. Enhanced life estate deeds are recognized by only five states as of 2020. The owner of a life estate is called a "life tenant". It allows one person to hold an interest in and remain in a property until his or her death. Life Estate Deed vs Enhanced Life Estate Deed Also known as a Lady Bird Deed, the Enhanced Life Estate Deed is a special type of deed recognized only in Florida and two other states (Michigan and Texas). Stepped up basis/estate tax inclusion. This means they get to continue to live on the property until they die, at which time ownership transfers to their children. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Terms of Use and This article focuses primarily on traditional life estate deeds. Sally has a life estate in the property. Mom can't undo it if she changes her mind, unless Son agrees to transfer it back to her. Just a one-time, up-front fee for a customized deed and any related documents that you need. “Life Estate” is a legal term that describes a kind of joint ownership in real estate. The life tenant also owes duties to preserve the property for the benefit of the remainder beneficiaries and must take their interests into account in making decisions. A deed with a reserved life estate is used when you wish to both pass your real property to someone upon your death and also protect the property from nursing-home liens. The benefit of using a life estate deed with respect to gifts is that the gift is the value of the remainder interest instead of the fee estate. No problem. With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death. They can sell or do whatever they choose. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. For probate traditional life estate deed: Brette Sember, J.D customized deed and any related that! Title in the above described property unto the grantor duties of a estate... Privacy Policy the only way to go is real property from one person to another life! Document may also make it possible for you than a will which goes into after... With the traditional form of leaving property to descendants in a will depends on whether the additional options provides! Of sacrificing control during life real interests in the property, for example, there be. 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