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Who are remainder beneficiaries?

A remainder beneficiary is a beneficiary of a trust whose benefit vests at a later time. As an example, I may receive income for life and only upon my death what is left of the corpus of the trust goes to my son. I am the income beneficiary and my son is the remainder beneficiary.

How do I transfer a title after death of life estate tenant in Texas?

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

Can there be more than one remainderman?

A remainderman is a beneficiary in a life estate who will inherit property after the life tenants death. There can be more than one remainderman if you divide the property.

What is a warranty deed Illinois statutory?

An Illinois statutory warranty deed allows the conveying of property from one person (grantor) to another (grantee). The deed is the grantors promise that there is no one else who can make a claim on the title but does not promise any defects against that title prior to their ownership.

What is necessary for a deed to be recorded in Illinois?

For the purpose of recording the document, your document must meet all of the recording requirements (the document has to have the property tax number, address, legal description and preparers name and address, with signatures/notary. For recording you must provide the original plus one copy.

Does an Illinois deed need to be docHubd?

Sign and docHub the new deed. Each grantor must sign the new deed and have his or her signature witnessed by a notary public, who much acknowledge the deed. In some situations, the grantors spouse may also be required to sign the deed.

What is a general warranty deed in Illinois?

The Illinois warranty deed is a form of deed that provides an unlimited warranty of title. It makes an absolute guarantee that the current owner has good title to the property. The warranty is not limited to the time that the current owner owned the property.

What is required for a deed to be valid in Illinois?

A deed must contain the names of the parties typed or printed to the side or below the signatures. This includes grantors as well as any witnesses and persons taking the acknowledgements. 765 ILCS 5/35c, 765 ILCS 5/9, 5/10. The name and address of the grantee or grantees must appear on the face of the deed.

What happens when a life tenant dies UK?

If a life tenant or other person with a qualifying interest in possession dies and the property continues to be settled property or a beneficiary becomes absolutely entitled to the property, the trustees are deemed to have disposed of it and reacquired it at market value.

What is a warranty deed for a house in Illinois?

A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.

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