Once a remainderman is named on the deed to your house, he or she has an interest in the home and his or her legal problems could become yours. For example, if your child, who is a remainderman, is sued or owes taxes, a lien could be filed against your home.
What does it mean when a life estate is reserved?
(You can read the full article here) Reserving a life estate is a common planning technique where the home is deeded to a loved one, typically your adult child(ren), and a life estate is reserved for yourself.
What are the disadvantages of a life estate?
Life estates create a sort of joint ownership between the grantor and the grantee. During the grantors life, they own the property and can modify it but need the grantees permission for certain actions, such as selling the home. Once the grantor dies, the grantee becomes the full owner of the property.
What is a warranty deed in Arizona?
A general warranty deed guarantees a property has no liens against it and the seller holds full ownership, giving them the legal right to transfer it. Warranty deeds also protect the buyer from title disputes, even ones dating back to previous owners.
What is a reserved life estate?
A reserved life estate is when land is donated to a qualified land trust and the owners retain the right to live on the property until a trigger event (usually the owners death or moving away from the property). Also known as a remainder interest.
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by RC Decisions 2017 The trial court reformed the Warranty Deed to reserve and except the minerals, and to retain the mineral interests as property of the trust.
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