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What does life estate reserved mean?

Definition: Reserved Life Estate. From ConservationTools.org. The ownership of real estate can be divided into present and future interests. This division enables a landowner to convey land to a land trust or government with the owner retaining ownership during the owners lifetime or some other specified period.

What is a warranty deed with life estate?

The difference is that a life estate deed awards ownership interest in the real estate only for the life of the person awarded the life estate. The warranty deed actually transfers ownership of the real estate to that person and the person may sell the real estate or pass it own to heirs.

What are the disadvantages of a life estate deed?

You can obtain a copy of any deeds to the property by contacting the county clerks office in the county where the home was located. There is a nominal fee for copying and mailing the deed to you. Or, you can go to the clerks office and they will typically make a copy for you while you wait.

Does Maryland have a life estate deed?

In Maryland, you can make a beneficiary designation on your real property. This type of transaction is called a Life Estate Deed. It can be a very useful tool to avoid probate while also preserving tax benefits. There are two flavors: (1) a Life Estate Deed With Powers; and (2) a Life Estate Deed Without Powers.

What is a warranty deed with life estate reservation?

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. This document may also make it possible for you to live in and maintain control of the property until your death.

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