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Selling a Life Estate The life tenant would retain use of the property until their death. If both the life tenant and the remainderman agree, you can sell the property before the life tenant dies. The money you would get from the sale depends on how old the life tenant is and how long they may live.
With a traditional life estate, once the deed has been filed, it cannot be revoked or otherwise changed without the written consent of both the life tenant and the remainderman.
Documents Required: Certified true copy of the new title or Photocopy of New Title but present original Owners copy of the new title. Photocopy of the previous title. Deed of conveyance. Certified true copy of latest Tax Declaration (For BIR purposes) Transfer Tax Receipt (original and 2 photocopies)
The right of alienation: A life tenant has the right to sell, lease, mortgage, or otherwise alienate the life estate in the property. This right is still limited by the measuring life. For example, a life tenant may lease the property for the duration of the measuring life only.
Additionally, you must pay all property taxes, mortgage interest, and insurance premiums after the life tenants death. Finally, you cannot convey your interest in the property to another person without the permission of the life tenant.

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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.
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
Life estate cons Theres no creditor protection for the remainderman. Since they own an interest in the property, if theyre sued or owe a debt, the creditors can place a lien on the property. You cant minimize estate tax. The propertys fair market value is included in the life tenants taxable estate once they die.
Transferring Vehicles to a Trust To transfer ownership, you will need to obtain a title change form from your DMV and complete it, naming the trustee (as trustee of your trust) as new owner. Sales tax should not apply to the transfer and if the clerk tries to apply it, you will need to speak to a supervisor.
First, you must pay the principal of the mortgage each month. Additionally, you must pay all property taxes, mortgage interest, and insurance premiums after the life tenants death. Finally, you cannot convey your interest in the property to another person without the permission of the life tenant.

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