STEP 1
INFORMATION FOR DEED
STEP 1
INFORMATION FOR DEED
Please provide the information needed to prepare your deed.
STEP 2
PAY ONLINE
We will email you an invoice for $195.
Pay securely online.
No account necessary.
STEP 3
RECEIVE YOUR DEED
Once payment is received, your deed will be emailed to you. Clear instructions on how to sign and record your deed will be included.
STEP 1
INFORMATION FOR DEED
Please provide the information needed to prepare your deed.
STEP 2
PAY ONLINE
We will email you an invoice for $195.
Pay securely online.
No account necessary.
STEP 3
RECEIVE YOUR DEED
Once payment is received, your deed will be emailed to you. Clear instructions on how to sign and record your deed will be included.
Simply put, a life estate deed is a transfer of ownership of real property into two separate interests. One of the primary reasons and benefits for doing so might be to avoid probate.
The two interests created by this type of deed are the life estate interest and the remainderman interest. These two interests are the true owners of the property however, they each have separate rights of possession.
Good to know: A life estate is a form of co-ownership. It gives both interests rights to the property but not at the same time.
A life estate deed is complete when the document is properly signed* and notarized according to the state’s requirements. Some states require witnesses to sign the deed. The document should be recorded in the appropriate county office in order to protect the parties.
*Note: If the deed is not validated legally according to the laws of the state where the property is located, the deed may be considered void.
Important: If the remainderman should die before the life tenant, remainderman’s heirs become the remainderman, unless the deed states otherwise.
Important: If the remainderman should die before the life tenant, remainderman’s heirs become the remainderman, unless the deed states otherwise.
Generally, if you anticipate that you would like to create a life estate, it is better to do so sooner rather than later. If the life tenant is currently receiving, or planning to qualify for, Medicaid benefits, there are a number of points to consider.
Keep in mind: This information is not intended as tax advice. Please consult a CPA or tax advisor for tax questions.
There are many things to keep in mind when creating a life estate. Using the correct language is vital as this deed cannot be undone by one party alone. If life tenant changes their mind, BOTH parties must agree.
Good to know: Creating a life estate deed is a very important decision. Although this deed is generally a valuable part of a comprehensive estate plan, there may be unforeseen and unwanted consequences.
It is not advisable to use a “do it yourself” fill-in-the-blank life estate deed form. When creating a Life Estate. It is imperative to specific language in order to give you the protection you need when transferring property ownership. An experienced real estate specialist can help you achieve the outcome you intend with this deed.
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