Our life estate deed template gives you the proper form to fill out when looking to leave behind real estate.
What You Should Know Before Using Our Life Estate Deed Template
A life estate deed allows you to officially leave your home or other property to your family or friends after you pass away. By signing a life estate form, you are effectively leaving your property to your choice of beneficiaries. However, as long as you are alive, you have the right to live in the house, choose who lives with you, or rent your home. While you continue to have these rights after you sign a life estate deed, you lose your ability to sell or leave the property to someone else unless you gain the consent of your current beneficiary.
As the homeowner, this makes you the Grantor and the person you choose to leave your property to becomes the Grantee—or remainderman. Below are a few benefits and costs associated with a life estate deed.
First, this deed allows you and your family to avoid probate. Probate court not only takes months to decide how your assets will be split among your family, however, but this process can also cost thousands of dollars in court and attorney fees.
The undesirable side of this deed is that once you sign the document, you are unable to sell or give the property to someone else without your Grantee's permission.