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.
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