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A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust. Life estates are often used to provide housing for parents, spouses or offspring.
All that is required to transfer title is that an affidavit of death of life tenant or surrender of life estate, as relevant, be recorded with the county recorders office. During the period of the life estate, the life tenant has all the obligations of ownership, including paying the real property taxes and insurance.
A person who has a life interest is called a life tenant, or sometimes a tenant for life. A life tenant is entitled to the income of a fund, but not capital.
Find the clients age in the Age column and then go to the column called Life Estate. Take the percentage listed here and multiply it by the TOTAL value of the real property. This will give you the value of the clients life estate interest.
One of the more frequent complaints individuals have regarding an enhanced life estate deed is that it is not available in every state. Fortunately, today it is still allowed in North Carolina.
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The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree. The life tenant usually receives a smaller portion based on the value of the life estate, calculated using actuarial tables.
After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
The life estate interest gives the holder the right to all the benefits of the property during the lifetime for which it is granted. Upon the death of the measuring life, the property automatically vests in a remainderman or the future interest holder.
Upon your death, all that is required for full title to be transferred to your beneficiaries is the filing of an affidavit in the county property records reflecting the date of your death, referring to the recording information for the Lady Bird Deed, and reciting that there are no outstanding debts of the estate, or

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