![]() One, called the life estate, is gauged depending on the number of years the owner lives. In a life estate deed, the property in question is split between two kinds of parties. When the owner of the property dies, the beneficiary needs only to file his or her death certificate to establish ownership. It’s a popular way to avoid the probate process and to let children or other beneficiaries know what part of a estate they will receive. ![]() It’s best to have responsible legal representation to guide you through the process and, if possible, be on good terms with everyone involved in the transaction.Ī life estate deed is a form of pre-gifting property to beneficiaries before death. While it’s not as easy as popping online and quickly changing a life insurance beneficiary, life estates can indeed be changed or terminated.
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