![]() ![]() ![]() What is the Purpose of a Life Estate Deed? A life estate is the right to occupy and use the property, or the benefits of the property, during one's life time. Unfortunately, when someone uses a life estate deed, they lose control over the distribution of their property when things turn out differently than expected.Ī life estate deed is a transfer of the ownership of the real property that is the subject of the deed to one or more persons (the "remainderman"), while retaining ownership of a life estate in the property by the person(s) transferring the property (the "life tenant"). Many individuals use life estate deeds in an effort to avoid probate and eliminate the need to hire an attorney to prepare a last will and testament, or a trust.
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