explaination of deeds??

[Tinkertude]

I seem to remember a type of deed that would allow someone to stay in the house until their death after the death of the title holder. Ex: second marriage... and woman moves into the husbands family home. Man dies and she can stay in the house until her death then the property will revert back to the heirs of the man. Anyone know what type of deed this is??

 

[msmayor]

I believe its called a Life Tenancy.

I don't believe its part of the deed though; I believe it should be part of the will of the owner of the property, effectively telling the heir(s) that they cannot kick out a "life tenant" or sell the property until that person is gone.

 

[Sadie22]

You need to see a lawyer about setting up a life estate deed with or without powers of sale or whatever it might be called in the state where the property is located. Such a deed can establish a life tenancy for a surviving spouse or other person sharing the home. A real estate attorney practicing in the locale where the property is will be able to advise the property owner about reasons for retitling the property in this way as well as drawbacks. It needs to be part of an overall estate plan. There are reasons to do it this way and there are reasons to do it some other way, so the preparation of a complete estate plan is the way to go.

 

[Tinkertude]

Thank you, I could not come up with the phrase and I knew my smart Dis friends would help me out.

 

[momof1princess]

that is a warranty deed with a life estate.

example: DH's grandmother deeded her 75 acre property to him, but intended to live in the house until she died. the warranty deed with life estate deeded the property to him, but stipulated that she could live there until her death. unfortunately, she had to go into a nursing home about a year before she died. DH's aunt & uncle tried to take us to court to get the land split evenly, but their attorney told them the deed was ironclad-nothing they could do.

 

[swilshire]

Every state has different laws regarding property. It is very important to get legal help in the state where the property is located to avoid any errors. Your own attorney in another state may not know the right answers.

Sheila