Warranty Deed to Child Reserving a Life Estate in the Parents - Michigan 2025

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In spite of these uses, life estates have limitations. The life tenant is responsible for property taxes, maintenance, and insurance. Also, they cannot sell or mortgage the property without the remaindermans consent.
A life estate deed is a legal document used in real estate to grant ownership of property to an individual for the duration of their life.
A life estate helps avoid the probate process upon the life tenants death. The property will automatically transfer to the remainderman, making the process simple and easy a will isnt needed.
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.
Life estates are a form of fee simple estate and they are somewhat conditional. While a fee simple estate generally means that the land may be used by the grantee for an unlimited duration, a life estate only grants the ownership of the (interests of the) property for as long as the grantee lives.
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People also ask

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.
No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection.

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