A Life Estate Deed is a legal document upon which the involved parties make an ownership arrangement for a certain existing piece of property. In this arrangement, ownership of real estate is transferred from one party, a life tenant (also known as a grantor), to another party, a remainderman (also known as a grantee or a beneficiary), after the life tenant's death. Until then, a life tenant keeps the life estate - they go on living in that property until the end of their life.
A printable Life Estate Deed form can be downloaded through the link below.
The Deed is a good way for both parties to secure their positions in terms of ownership, nevertheless, it creates tax consequences. The Life Estate Deed tax implications involve several circumstances, such as:
To avoid any penalties created by misunderstanding the nature of the document, it is necessary to consult with a tax specialist or contact a local lawyer to find out more exact information.
Pressing the PRINT button will only print the current page. Download the document to your desktop, tablet or smartphone to be able to print it out in full.