Life Estate Deeds

At Weiss, Tom & Trapanese, LLC, many clients come in asking questions about the deed to their homes and seeking a transfer to protect the house from being sold to pay for nursing home care. They ask about living trusts and outright transfers to their children. Everyone’s situation differs, and in-depth discussions should be had to address the pros and cons of any option suggested by an attorney.

How it works

One such mechanism is called a life estate deed. Essentially, a life estate deed is a legal document that transfers partial ownership interest jointly to another party or parties. The life estate allows the grantor to remain in a house until his or her death, when it passes to the other owner or owners. The life tenant is the possessor of the home. The other owner is called a remainder person.

While the remainderman has a current ownership interest in the property, he or she cannot take possession until the death of the life estate holder. The life tenant has physical control of the property during his or her lifetime and has the legal responsibility to maintain the property as well as the right to use it, rent it out, and make improvements to it. Upon the death of the life tenant, the remainder person receives full title to the property.

 There are many benefits to this type of deed. For more information, contact our office and speak with one of the attorneys at Weiss, Tom & Trapanese, LLC, for a consultation.