The Life Estate Deed is a document that
grants ownership of a parcel of real property to two separate parties: (1) the
Life Tenant, and (2) the Remainderman.
The Life Tenant
As in most states, the Life Estate Deed gives the Life Tenant complete use and ownership of the property
for a certain period of time.
That period of time is measured by the life of a
natural person; usually the Life Tenant’s. In other words, if I am the Life
Tenant and the time period is measured by my life then when I pass away the
“life tenancy” automatically terminates.
However, if the time period is measured
by the life of my wife and my wife passes away before me the Life Estate
automatically terminates upon her passing and I can legally be evicted from the
property.
The Remainderman
When the Life Estate
owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of
the property to the Remainderman.
The Remainderman is the person or persons
whose names are listed on the Life Estate Deed as a Remainderman. To officially
transfer ownership, in most states the Remainderman need only record the death
certificate of the person whose life was the measure of the Life Estate.
A Life Estate is different from an
Enhanced Life Estate.
You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.
