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Utilizing a Life Estate for Property Transfers

An underutilized tool for helping loved ones stay in their home through the end of their presence here on Earth is a life estate.  A life estate permits the benefactor to live in their home for as long as they live.  Upon the passing of the benefactor, the ownership interest reverts to the grantor of the life estate. 

A life estate can be accomplished by the seller of a property retaining a life estate or by the current property owner giving a third-party a life estate.  Either method is enforceable, but the proper and best method depends on your details.

This real estate conveyance is similar to a Transfer on Death Deed.  Both allow for an automatic transfer of property and, significantly, help avoid probate. 

It is never too early, but often times too late, to discuss the ultimate disposition of real estate.  I encourage you to take up the conversation now and see a qualified professional to help you avoid costly errors.

The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site.


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