what is a life estate deed
A life estate deed is alegal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the remainderman (in this example, Son).
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How does a life estate deed work in Texas?
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Get Deed.
How is a life estate deed different from other deeds?
Comparison to Other Deed Forms. A Life Estate Deed is not the only way to transfer property at death. Property will automatically transfer to the surviving owner at death if it is titled as tenancy by the entirety, joint tenants with rights of survivorship, or community property with rights of survivorship.
What is an enhanced life estate deed?
And even though you are still the owner of the property, the enhanced life estate deed removes your property as an asset attached to your estate, which can help you qualify for Medicaid more easily.
How does a life estate deed protect real estate from probation?
One way to protect real estate from court probation upon the owner’s death is to sign a life estate deed in which the grantor transfers the property to the remainderman. The document must be recorded with the appropriate Registry of Deeds, and once it is recorded the remainderman has what is called an ownership interest in the property.