Estate from period to period.
Upon the death of the owner, a life estate passes to. In a life estate deed, the fee simple owner of the real estate essentially conveys the property to him or herself to live in for the rest of his or her life. A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. No need to use the probate court to effectuate a transfer.
The life tenant's assets are evaluated upon death to determine the estate tax base. 1. In the same instrument, the owner becomes a “life-estate tenant” and indicates, in the deed, who is to get the house or condo after the life-estate tenant passes away (called the “remainder” or “remainderman”). However, certain rules apply to help ensure the property is not damaged or misused.
Locate the life estate deed for the property that is passing to you. The original deed should be among the deceased's possession or may have previously been given to you. The person who granted you the life estate gets to choose how the property passes upon your death. What kind of leasehold estate exists? the original owner or other named person. In this way, it’s similar to joint tenancy with right of survivorship. During your life, you are generally permitted to use and enjoy the property as you see fit.
When using a life estate deed, the property passes automatically to the remainderman upon the death of the life tenant.
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Upon the death of the owner, a life estate passes to. In a life estate deed, the fee simple owner of the real estate essentially conveys the property to him or herself to live in for the rest of his or her life. A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. No need to use the probate court to effectuate a transfer.
The life tenant's assets are evaluated upon death to determine the estate tax base. 1. In the same instrument, the owner becomes a “life-estate tenant” and indicates, in the deed, who is to get the house or condo after the life-estate tenant passes away (called the “remainder” or “remainderman”). However, certain rules apply to help ensure the property is not damaged or misused.
Locate the life estate deed for the property that is passing to you. The original deed should be among the deceased's possession or may have previously been given to you. The person who granted you the life estate gets to choose how the property passes upon your death. What kind of leasehold estate exists? the original owner or other named person. In this way, it’s similar to joint tenancy with right of survivorship. During your life, you are generally permitted to use and enjoy the property as you see fit.
When using a life estate deed, the property passes automatically to the remainderman upon the death of the life tenant.
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