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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.
Therefore, the life estate holder can mortgage, lease, rent, or sell the property without needing the consent of the remaindermen named in the deed.
They can agree to divide the trust assets between themselves. Alternatively one may buy the interest of the other or a third party may acquire the interests of both. Sometimes the life tenant may surrender his or her interest so that the remainderman can enjoy the property immediately.
A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenants death.
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A life estate deed is a tool that can help with estate planning. With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death. Upon death, the property passes to the beneficiaries.
The life tenant is able to use and occupy their home for the remainder of their life and be transparent with beneficiaries about what will happen with the property upon their death.
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
Transfer-on-Death Deeds for Real Estate New Jersey does not allow real estate to be transferred with transfer-on-death deeds.
A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenants death.

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