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The document is a Massachusetts Condominium Unit Quitclaim Deed, which facilitates the transfer of a life estate in a condominium unit from two individuals (husband and wife) to another individual. It includes instructions for completing the form, notes on quitclaim covenants, and a disclaimer regarding the legal effect of the forms provided. The deed outlines the rights and interests being conveyed, as well as conditions and restrictions related to the property.

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What is deed with life estate?

There are many benefits to creating a life estate deed, sometimes called a life estate trust: Avoid probate. Mom gets to pass her property to Son without its having to go through probate. No will necessary. Mom doesnt have to include the property in a will. Emotional relief. Avoid gift tax. A place to live.

What are the advantages of a life estate deed?

A life estate refers to an arrangement in which a persons ownership of property lasts for the duration of their life and then is transferred back to the original owner or a third party. That person to whom ownership of the property is transferred is the remainderman.

What are the disadvantages of a life estate deed?

The life estate deed within a life estate is a document that grants the owner the ability to pass on ownership of a property without including it in a will as part of their estate assets.

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