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Warranty Deed to Child Reserving a Life Estate in the Parents - Nevada

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The document is a Grant, Bargain, and Sale Deed prepared by U.S. Legal Forms, Inc. for the State of Nevada, which facilitates the transfer of property from parents to their child while reserving a life estate for the parents. It includes instructions for completing the form, a disclaimer regarding legal advice, and sections for recording details about the property and parties involved.

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What does life estate mean on a deed?

Because of this, a grantor generally cant revoke the deed unilaterally; rather, grantees must willingly relinquish their interest in the property for a grantor to revoke a life estate deed. A grantor may add conditions to their life estate deed that dont break applicable laws.

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.

What is the purpose of the life estate?

Once a life estate has been established, the underlying residence can only be sold if the life estate holder and all other owners agree to the sale. However, prior to any sale, it is important to understand the ramifications for the life estate holders Medicaid eligibility.

What are the disadvantages of a life estate deed?

A life estate is a type of legal joint property ownership. The owners have the right to use the property for life under a life estate. The life estate process is typically adopted to streamline inheritance and avoid probate.

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