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What is a life estate arrangement?

A life estate deed is a fairly short legal document that creates a life estate and it must be filed with the local recording office, otherwise it is not valid. You can usually find a free form online to fill out on your own, but may want to contact an estate planning attorney to create one for you.

How much does it cost to set up a life estate?

Advantages of a Life Estate If a lawyer is involved in the preparation and filing of this document, the cost with filing fees will probably be around $100.00. No probate proceeding will be required to transfer title.

What are the disadvantages of a life estate deed?

Defining a California Life Estate A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.

Can I do my own life estate deed?

An example of a life estate clause is: A grants B the right to use and occupy the property for their lifetime, after which legal ownership reverts to C.

How to prepare a life estate deed?

3. Draft The Life Estate Deed The date this deed was made. The name and address of the person granting the life estate. The grantees name and address. The address and description of the life estate property. A statement reserving the life estate. The signatures of all parties involved in the transaction.