If you own real estate, it is important to consider and make informed decisions about these types of assets. A LIFE ESTATE DEED can be a valuable tool to help you legally pass your real property assets to your heirs and avoid the probate process, while also preserving tax benefits. This type of deed may be used during the estate planning process.
What is a Life Estate Deed?
A life estate deed is a type of deed which allows you to retain ownership and possession of your real estate, while living. With this type of Deed, you will also designate a beneficiary(s) , called a Remainderman, to receive the property upon your death. This type of instrument helps avoid the probate process for real estate assets. There are two different types of life estate deeds, with powers and without.
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