I am often asked by clients whether the Life Estate Deed and the Enhanced Life Estate Deed work the same way when it comes to transferring and owning property.
The simple answer to this question is: No.
Although both deeds sound similar in name, each has its own unique benefits and limitations.
The simple answer to this question is: No.
Although both deeds sound similar in name, each has its own unique benefits and limitations.
Life Estate Deed
For instance, when you execute a Life Estate Deed naming a "life tenant" and a "remainderman", both the "life tenant" and "remainderman" have a vested interest in the property at the time the deed is executed.
The "life tenant" may use the property during his or her lifetime, but owes a duty to the "remainderman" not to dispose of or otherwise destroy the property.
View my other post on the Life Estate Deed for more information on how it works.
The "life tenant" may use the property during his or her lifetime, but owes a duty to the "remainderman" not to dispose of or otherwise destroy the property.
View my other post on the Life Estate Deed for more information on how it works.
Unlike the Life Estate Deed, the Enhanced Life Estate Deed does not grant a vested interest in the property to the "remainderman" at the time the deed is executed.
Enhanced Life Estate Deed
Enhanced Life Estate Deed
The owner of the property may dispose of the property at any time without the consent of the "remanderman."
Read my other post on the Enhanced Life Estate Deed for more information on how it works.
Read my other post on the Enhanced Life Estate Deed for more information on how it works.
Both deeds also contain certain similarities.
The biggest similarity in the two deeds is that they are both designed to avoid probate by passing property to a remainderman without having to go through the court process.
The biggest similarity in the two deeds is that they are both designed to avoid probate by passing property to a remainderman without having to go through the court process.
