What is a reserved life?

When you donate your land with a reserved life estate, you firmly commit to the gift but can continue to use the property during your lifetime. This option, also called a “life tenancy,” is a middle ground between a bequest and an outright land donation that can feel like the best of both worlds.

What is estate in remainder?

An estate in remainder refers to an estate which vests after the termination of the prior estate. It is created at the same time and by the same instrument as another estate and limited to arise immediately upon the termination of the other estate.

When to use a reserved life estate deed?

Demystifying the Deed. A deed with a reserved life estate is used when you wish to both pass your real property to someone upon your death and also protect the property from nursing-home liens.

What is the purpose of a life estate deed?

Typically, the purpose of a life estate deed is to provide for the transfer of the property to the desired person (s) (remainderman) automatically at the death of the property owner who retained the life estate (“life tenant”), without the necessity of probate. Ownership of the property transfers automatically upon the life tenant’s death.

Who is the remainderman on a life estate deed?

A life estate deed is a transfer of the ownership of the real property that is the subject of the deed to one or more persons (the “remainderman”), while retaining ownership of a life estate in the property by the person(s) transferring the property (the “life tenant”).

What do you need to know about a life estate?

A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Get Deed.