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Disadvantages of a life estate: Real estate is not protected from litigation, divorce or bankruptcy. If the life tenant moves into an extended care facility within five years after the life estate deed is created, Medicaid can require the sale of the asset.
How is a life estate created?
HOW IS A LIFE ESTATE CREATED? A life interest or life tenancy can be created by a deed or a will. In the case of property, if you grant someone a life estate by deed or under a will, the life estate will be registered with the Land Titles Office and the life tenant then has the right to occupy and use the property.
What is an example of a life estate clause?
A life estate is created by a deed that gives the property to the person for life and identifies what should happen to it after that person dies. For example, a deed stating that land would go to John Doe for life, then to Jane Doe gives John a valid life estate, and Jane a remainder.
Why would anyone want to create a life estate?
A key benefit of life estates is that they simplify property transfers after you die. You can name someone as the grantee for your property while youre alive and be confident that they will become the owner of the property after you die without having to worry about a will or probate.
Whats the difference between a will and a life estate?
A will is a legal document outlining how someones property is to be distributed after their death. A life estate gives the owner of a property the right to live in or otherwise use the property while alive, after which ownership passes to someone else. Usually, a life estate overrides a will.
Disadvantages of a life estate: If sold prior to the life tenants death, both parties have to agree in order to sell and the remainderman will receive a percentage of the proceeds, which could create some large capital gains as the cost basis must be used.
Related links
Life Estate Agreement LIFE ESTATE
(Note: This Agreement, as drafted, contemplates that the Donor is the one retaining a life estate, but the life estate may be held by someone other than the
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