Avoid Probate

What is a Quit Claim Deed?

2012-02-01T18:11:00.001-05:00

Quit Claim Deed
A Quit Claim Deed (sometimes misspelled "quick claim deed") is a legal document used to transfer one person's interest in a parcel of property to someone else. The Quit Claim Deed is often used between family members and friends because the transfer is made without any warranties or representations. Of particular note, the Quit Claim Deed does not warrant that title to the property is clear or that the person executing the deed is even an owner of the property. All the Quit Claim Deed does is transfer any interest the grantor has in the property to the grantee.

Warranty Deed
If you are purchasing a parcel of real estate and you want to ensure that title to the property is clear, you will need to execute another form of deed. A Warranty Deed requires the grantor to ensure that title to the property is clear. Read my other post for more information on the difference between the Warranty Deed and Quit Claim Deed.

Estate Planning: Lady Bird Deed

2011-11-03T11:49:00.004-04:00

The term "Lady Bird Deed" is a nickname given to the Enhanced Life Estate Deed which is used to convey property to your heirs outside of probate. The nickname "Lady Bird" was given to the deed after President Lyndon B. Johnson allegedly used this type of deed to convey some of his real property to his wife Lady Bird. So why would President Johnson use this type of deed?

Lady Bird Deed Features
The Lady Bird Deed is a variation of the quit claim deed with certain "enhanced" features. These features include:
(1) allowing the property owner to retain his homestead creditor and tax exemptions;
(2) keeping the property owner's home exempt from Medicaid claims during his lifetime;
(3) allowing the property owner to pass the property to his heirs outside of probate upon death free of Medicaid claims and liens; and
(4) allowing the property owner to sell or otherwise dispose of the property without the consent of the beneficiaries.

It is a specially designed instrument that is only available in certain states. Like the traditional Life Estate Deed there is often no capital gains tax if the property is sold shortly after your death. It goes beyond a life estate deed, because not only does the property owner get to live there for life, but the owner also reserves the right to sell or otherwise dispose of the property without the consent of the heirs. See also my articles on the Florida Enhanced Life Estate Deed, Texas Enhanced Life Estate Deed, Ohio Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

Texas Enhanced Life Estate Deed

2011-11-02T17:11:00.000-04:00

Texas is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away. In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Unlike Beneficiary Deeds in other states, the Texas Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive. This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive. There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Florida Enhanced Life Estate Deed, Ohio Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

Florida Enhanced Life Estate Deed

2011-11-02T16:18:00.000-04:00

Florida is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away. In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Unlike Beneficiary Deeds in other states, the Florida Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive. This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive. There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Texas Enhanced Life Estate Deed, Ohio Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

Kansas Enhanced Life Estate Deed

2011-11-02T14:25:00.000-04:00

Kansas is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away. In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Unlike Beneficiary Deeds in other states, the Kansas Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive. This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive. There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Florida Enhanced Life Estate Deed, Texas Enhanced Life Estate Deed, and Ohio Enhanced Life Estate Deed.

What is a Beneficiary Deed?

2011-11-02T12:20:00.002-04:00

A Beneficiary Deed is used to transfer a property owner's real property to his heirs without going through the probate process which can be time consuming and expensive.

Included in the Beneficiary Deed are the names of the property owner's "beneficiaries." The interest in real property conveyed by a Beneficiary Deed does not take effect until the death of the owner. When the owner passes away the interest stated in the Beneficiary Deed transfers automatically by law to the designated "beneficiaries" named in the deed.

As stated above, a Beneficiary Deed takes the property out of the probate process as ownership is transferred upon death and no longer part of the decedent's estate. A beneficiary deed typically avoids the cost and delay of probate because the property is not part of the probate estate of the deceased owner. However, the property is usually included in the deceased's estate for estate tax purposes. Gift taxes may not apply because the Beneficiary Deed is not a present transfer of property.

Beneficiary Deed v. Trust
A Beneficiary Deed is typically less complex and expensive than setting up a trust. However, a trust may still be desirable in certain situations, such as when the beneficiary is a minor, when multiple beneficiaries will own undivided interests in the property, or when property is owned as joint tenants with right of survivorship.

Beneficiary Deeds are more common among the various states than the Enhanced Life Estate Deed. State laws governing beneficiary deeds vary by state, so local laws should be consulted.

Quick Claim Deed

2011-11-01T18:33:00.000-04:00

Quick Claim Deed
A Quik Claim Deed is the common misspelling for the legal document known as the Quit Claim Deed. It can be used to transfer someone's ownership interest in a piece of property to another person. The Quit Claim Deed is usually used by family members to transfer property back and forth. There are no warranties or representations made in a Quit Claim Deed.

Ohio Enhanced Life Estate Deed

2011-11-01T17:20:00.000-04:00

Ohio is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away. In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Unlike Beneficiary Deeds in other states, the Ohio Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive. This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive. There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Florida Enhanced Life Estate Deed, Texas Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

What is a Life Estate Deed?

2011-11-01T15:41:00.000-04:00

Life Estate Deed
A 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
The 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.

Transferring a Life Estate
A Life Estate may be transferred from the Life Tenant to any other person. However, the person to whom the Life Estate is transferred takes ownership subject to the same conditions as the original Life Tenant. This is so even if the person is unaware of the Life Estate.

A Life Estate may be transferred using a Warranty Deed. The Warranty Deed must contain the state specific Life Estate language to create a valid Life Estate.

Obligations of the Life Tenant
A Life Tenant owes certain duties and obligations to the Remainderman. The Life Tenant is required to pay real estate taxes assessed against the property during the Life Tenancy, protect the property from tax sales, and keep the property free from encumbrances and not to allow the property to just go to waste.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed for a greater understanding of the differences.

Creditors and the Lady Bird Deed

2011-11-01T12:19:00.000-04:00

Does a Lady Bird Deed Protect My Property from Creditors of My Beneficiaries?
Yes. A Lady Bird Deed does not transfer ownership of the property to your beneficiaries until you pass away. This is different from other forms of transfer like the life estate, tenancy in common or joint tenancy with right of survivorship. While you are alive, your beneficiaries' creditors cannot attach or satisfy any claims to your property. A Lady Bird deed even allows you to remove a beneficiary if you find out that beneficiary has a creditor or creditors who would end up taking that beneficiary's portion of your property.

In states that recognize "tenancies by the entireties," Lady Bird deeds also protect married couples who own their home as husband and wife.

Ohio Payable on Death Accounts

2011-11-01T11:39:00.000-04:00

Ohio's banking regulations allow bank account owners the ability to name a beneficiary of their bank accounts in the event the bank account owner dies.

POD Account Avoids Probate
A Payable on Death (POD) bank account is not included in the account owner's estate and, therefore, passes to the beneficiary outside of probate.

How a POD Account Works
A POD account is different from a Joint Account in that the named beneficiary of a POD does not own an interest in the bank account until after the bank account owner passes away. The beneficiary cannot withdraw funds from the account while the owner is still alive and creditors of the beneficiary cannot attach the account to satisfy the beneficiary's debts.

How a POD Account is Set Up
To set up a POD bank account you will be required to execute a written contract with the bank designating the beneficiary of the account. Your bank likely has a standard form POD contract, but if not you may want to consult an Estate Planning attorney. The contract allows the owner to retain full ownership of the accound during his lifetime and to change the named beneficiary as often has desired.

Wisconsin Life Estate Deed

2011-10-31T22:21:00.001-04:00

Wisconsin Life Estate Deed
The Wisconsin 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 other states, the Wisconsin 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.

Wyoming Life Estate Deed

2011-10-31T22:21:00.000-04:00

Wyoming Life Estate Deed
The Wyoming 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 other states, the Wyoming 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.

West Virginia Life Estate Deed

2011-10-31T22:20:00.000-04:00

West Virginia Life Estate Deed
The West Virginia 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 other states, the West Virginia 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.

Washington Life Estate Deed

2011-10-31T22:15:00.000-04:00

Washington Life Estate Deed
The Washington 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 other states, the Washington 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.

Virginia Life Estate Deed

2011-10-31T22:14:00.000-04:00

Virginia Life Estate Deed
The Virginia 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 other states, the Virginia 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.

Vermont Life Estate Deed

2011-10-31T22:13:00.001-04:00

Vermont Life Estate Deed
The Vermont 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 other states, the Vermont 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.

Utah Life Estate Deed

2011-10-31T22:13:00.000-04:00

Utah Life Estate Deed
The Utah 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 other states, the Utah 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.

Texas Life Estate Deed

2011-10-31T22:12:00.000-04:00

Texas Life Estate Deed
The Texas 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 other states, the Texas 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.

Tennessee Life Estate Deed

2011-10-31T22:10:00.000-04:00

Tennessee Life Estate Deed
The Tennessee 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 other states, the Tennessee 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.

South Dakota Life Estate Deed

2011-10-31T22:09:00.000-04:00

South Dakota Life Estate Deed
The South Dakota 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 other states, the South Dakota 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.

South Carolina Life Estate Deed

2011-10-31T22:08:00.000-04:00

South Carolina Life Estate Deed
The South Carolina 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 other states, the South Carolina 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.

Rhode Island Life Estate Deed

2011-10-31T22:07:00.000-04:00

Rhode Island Life Estate Deed
The Rhode Island 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 other states, the Rhode Island 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.

Pennsylvania Life Estate Deed

2011-10-31T22:05:00.000-04:00

Pennsylvania Life Estate Deed
The Pennsylvania 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 other states, the Pennsylvania 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.

Oregon Life Estate Deed

2011-10-31T22:04:00.000-04:00

Oregon Life Estate Deed
The Oregon 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 other states, the Oregon 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.

Oklahoma Life Estate Deed

2011-10-31T22:03:00.000-04:00

Oklahoma Life Estate Deed
The Oklahoma 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 other states, the Oklahoma 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.

Ohio Life Estate Deed

2011-10-31T22:00:00.000-04:00

Ohio Life Estate Deed
The Ohio 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 other states, the Ohio 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.

North Dakota Life Estate Deed

2011-10-31T21:59:00.000-04:00

North Dakota Life Estate Deed
The North Dakota 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 other states, the North Dakota 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.

North Carolina Life Estate Deed

2011-10-31T21:55:00.000-04:00

North Carolina Life Estate Deed
The North Carolina 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 other states, the North Carolina 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.

New York Life Estate Deed

2011-10-31T21:51:00.000-04:00

New York Life Estate Deed
The New York 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 other states, the New York 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.

New Mexico Life Estate Deed

2011-10-31T21:50:00.000-04:00

New Mexico Life Estate Deed
The New Mexico 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 other states, the New Mexico 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.

New Jersey Life Estate Deed

2011-10-31T21:48:00.000-04:00

New Jersey Life Estate Deed
The New Jersey 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 other states, the New Jersey 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.

New Hampshire Life Estate Deed

2011-10-31T21:45:00.000-04:00

New Hampshire Life Estate Deed
The New Hampshire 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 other states, the New Hampshire 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.

Nevada Life Estate Deed

2011-10-31T21:44:00.000-04:00

Nevada Life Estate Deed
The Nevada 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 other states, the Nevada 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.

Nebraska Life Estate Deed

2011-10-31T21:42:00.000-04:00

Nebraska Life Estate Deed
The Nebraska 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 other states, the Nebraska 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.

Montana Life Estate Deed

2011-10-31T21:39:00.000-04:00

Montana Life Estate Deed
The Montana 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 other states, the Montana 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.

Missouri Life Estate Deed

2011-10-31T21:38:00.000-04:00

Missouri Life Estate Deed
The Missouri 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 other states, the Missouri 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.

Mississippi Life Estate Deed

2011-10-31T21:35:00.000-04:00

Mississippi Life Estate Deed
The Mississippi 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 other states, the Mississippi 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.

Minnesota Life Estate Deed

2011-10-31T21:33:00.001-04:00

Minnesota Life Estate Deed
The Minnesota 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 other states, the Minnesota 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.

Michigan Life Estate Deed

2011-10-31T21:33:00.000-04:00

Michigan Life Estate Deed
The Michigan 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 other states, the Michigan 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.

Massachusetts Life Estate Deed

2011-10-31T21:31:00.000-04:00

Massachusetts Life Estate Deed
The Massachusetts 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 other states, the Massachusetts 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.

Maryland Life Estate Deed

2011-10-31T21:30:00.000-04:00

Maryland Life Estate Deed
The Maryland 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 other states, the Maryland 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.

Maine Life Estate Deed

2011-10-31T21:28:00.000-04:00

Maine Life Estate Deed
The Maine 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 other states, the Maine 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.

Louisiana Life Estate Deed

2011-10-31T21:26:00.000-04:00

Louisiana Life Estate Deed
The Louisiana 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 other states, the Louisiana 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.

Kentucky Life Estate Deed

2011-10-31T21:17:00.000-04:00

Kentucky Life Estate Deed
The Kentucky 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 other states, the Kentucky 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.

Kansas Life Estate Deed

2011-10-31T21:15:00.000-04:00

Kansas Life Estate Deed
The Kansas 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 other states, the Kansas 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.

Iowa Life Estate Deed

2011-10-31T21:14:00.000-04:00

Iowa Life Estate Deed
The Iowa 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 other states, the Iowa 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.

Indiana Life Estate Deed

2011-10-31T21:11:00.000-04:00

Indiana Life Estate Deed
The Indiana 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 other states, the Indiana 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.

Illinois Life Estate Deed

2011-10-31T21:10:00.000-04:00

Illinois Life Estate Deed
The Illinois 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 other states, the Illinois 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.

Idaho Life Estate Deed

2011-10-31T21:09:00.000-04:00

Idaho Life Estate Deed
The Idaho 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 other states, the Idaho 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.

Hawaii Life Estate Deed

2011-10-31T21:07:00.000-04:00

Hawaii Life Estate Deed
The Hawaii 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 other states, the Hawaii 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.

Delaware Life Estate Deed

2011-10-31T21:05:00.000-04:00

Delaware Life Estate Deed
The Delaware 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 other states, the Delaware 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.

Connecticut Life Estate Deed

2011-10-31T21:04:00.000-04:00

Connecticut Life Estate Deed
The Connecticut 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 other states, the Connecticut 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.

Colorado Life Estate Deed

2011-10-31T21:03:00.000-04:00

Colorado Life Estate Deed
The Colorado 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 other states, the Colorado 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.

California Life Estate Deed

2011-10-31T21:02:00.000-04:00

California Life Estate Deed
The California 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 other states, the California 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.

Arkansas Life Estate Deed

2011-10-31T21:00:00.000-04:00

Arkansas Life Estate Deed
The Arkansas 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 other states, the Arkansas 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.

Arizona Life Estate Deed

2011-10-31T20:58:00.000-04:00

Arizona Life Estate Deed
The Arizona 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 other states, the Arizona 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.

Alaska Life Estate Deed

2011-10-31T20:55:00.000-04:00

Alaska Life Estate Deed
The Alaska 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 other states, the Alaska 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.

Alabama Life Estate Deed

2011-10-31T20:51:00.000-04:00

Alabama Life Estate Deed
The Alabama 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 other states, the Alabama 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.

Georgia Life Estate Deed

2011-10-31T20:48:00.000-04:00

Georgia Life Estate Deed
The Georgia 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 other states, the Georgia 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.

Transferring a Life Estate
A Life Estate may be transferred from the Life Tenant to any other person. However, the person to whom the Life Estate is transferred takes ownership subject to the same conditions as the original Life Tenant. This is so even if the person is unaware of the Life Estate.

A Life Estate may be transferred using a Warranty Deed. The Warranty Deed must contain the state specific Life Estate language to create a valid Life Estate.

Obligations of the Life Tenant
A Life Tenant owes certain duties and obligations to the Remainderman. The Life Tenant is required to pay real estate taxes assessed against the property during the Life Tenancy, protect the property from tax sales, and keep the property free from encumbrances and not to allow the property to just go to waste.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed for a greater understanding of the differences.

Michigan Life Estate Deed

2011-10-31T20:34:00.000-04:00

The Michigan 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
The Michigan 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.

Transferring a Life Estate
A Life Estate may be transferred from the Life Tenant to any other person. However, the person to whom the Life Estate is transferred takes ownership subject to the same conditions as the original Life Tenant. This is so even if the person is unaware of the Life Estate.

A Life Estate may be transferred using a Warranty Deed. The Warranty Deed must contain the state specific Life Estate language to create a valid Life Estate.

Obligations of the Life Tenant
A Life Tenant owes certain duties and obligations to the Remainderman. The Life Tenant is required to pay real estate taxes assessed against the property during the Life Tenancy, protect the property from tax sales, and keep the property free from encumbrances and not to allow the property to just go to waste.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed for a greater understanding of the differences.

Florida Life Estate Deed

2011-10-31T20:28:00.000-04:00

Florida Life Estate Deed
The Florida 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 other states, the Florida 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.

Transferring a Life Estate
A Life Estate may be transferred from the Life Tenant to any other person. However, the person to whom the Life Estate is transferred takes ownership subject to the same conditions as the original Life Tenant. This is so even if the person is unaware of the Life Estate.

A Life Estate may be transferred using a Warranty Deed. The Warranty Deed must contain the state specific Life Estate language to create a valid Life Estate.

Obligations of the Life Tenant
A Life Tenant owes certain duties and obligations to the Remainderman. The Life Tenant is required to pay real estate taxes assessed against the property during the Life Tenancy, protect the property from tax sales, and keep the property free from encumbrances and not to allow the property to just go to waste.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed for a greater understanding of the differences.

Ohio Transfer on Death Deed

2011-10-31T16:29:00.000-04:00

In August 2000, the Ohio General Assembly approved the “Transfer on Death Deed” in the State of Ohio. The Ohio Transfer on Death Deed allows a property owner to transfer his or her property to beneficiaries named in the deed when the property owner dies. The obvious benefits to the Ohio Transfer on Death Deed are: (1) the property is passed to the heirs without having to get the courts involved with the probate process, and (2) there are no gift tax consequences like there might be using a Joint Tenancy with Right of Survivorship. The transfer is still subject to estate taxes.

Requirements for Valid Transfer on Death Deed There are several requirements that must be met before a Transfer on Death Deed is will be recognized in Ohio. Among the requirements are: (1) The deed must name the beneficiary or beneficiaries of the property (a contingent beneficiary may be named should one of the beneficiaries die before the property owner); (2) The deed must be properly executed; and (3) The deed must contain the language prescribed under the Ohio Revised Code §5302.22

Beneficiaries Must Survive Property Owner Only beneficiaries who survive the property owner may inherit the property. This means you cannot designate a class of people, such as “all of my children” or “all of my lineal descendants, per stirpes,” the way you can in your Will or Trust. The birth of additional children born after the Transfer on Death Deed was executed may mean a new deed will need to be executed.

Affidavit of Death When the property owner passes away, the surviving beneficiaries must file an affidavit with the county recorder in the county where the land is located. Once the affidavit is recorded the property is owned by the surviving beneficiaries A certificate of death must accompany the affidavit. The affidavit must: (1) state that the owner of record is deceased; (2) identify the property; (3) name all beneficiaries who survived the property owner; and (4) name all beneficiaries who did not survive the property owner.

Other Significant Aspects to the Transfer on Death Deed (1) If there are multiple surviving beneficiaries the become co-owners with equal shares in the property; (2) The surviving beneficiaries take the property subject to any liens, encumbrances, or other rights of creditors; and (3) The Transfer on Death Deed does not give a beneficiary any legal interest in the property during the property owner’s lifetime. The beneficiary has no ownership rights until the property owner dies.

Bankruptcy: Postpetition Income Part I

2011-10-14T22:00:00.000-04:00

The Question Presented
If I file bankruptcy what happens to my postpetion income? That issue was faced by a debtor doctor who filed a bankruptcy petition some time ago, but continued to practice medicine from consulting rooms sheowned prior to the petition. She also continued to use equipment and suppliespurchased before her bankruptcy. Is her postpetition income property of the bankruptcy estate? (Answer to follow)

The Bankruptcy Code
The Bankruptcy Code states that a petition for bankruptcy creates a new legal entity separate and apart from the debtor's prepetition estate. The debtor`s property prior to the date of bankruptcy goes into the bankruptcy estate. In due course, all the prepetition property is liquidated and its proceeds distributed to creditors.At the same time as the bankruptcy estate is created, the individual Ch. 7 debtor begins to accumulate a new estate. This new estate consists of earnings and property acquired after the filing as well as property that has been released to the debtor from the estate as exempt or abandoned by the trustee has having no economic value. These postpetition assets of the debtor are the basis of his or her fresh start. Petition creditors cannot reach them because they are stayed from doing so pending the debtor’s discharge, and are thereafter permanently enjoined from collecting prepetition debts.

So What About the Postpetition Income?
Where the debtor is in the business of rendering personal services (eg., as a doctor, lawyer, or other professional), the doctor's earnings must be apportioned between the bankruptcy estate and the new estate. The doctor is not entitled to all the postpetition income derived from the business. The part attributable to the debtor’s own services does not fall into the bankruptcy estate, but the remainder deriving from the capital, assets, goodwill, or employees’ labor is property of the estate.

For more bankruptcy information read: Bankruptcy: Postpetition Income Part II, Bankruptcy: Automatic Stay, and What is Bankruptcy, Bankruptcy: Fresh Start, Bankruptcy: Student Loans, Bankruptcy: Means Test, Bankruptcy: Income Eligibility, Bankruptcy: New Asset Evaluation

Bankruptcy: Postpetition Income Part II

2011-10-13T23:26:00.000-04:00

Post Petition Income from Sale of BusinessA debtor sold her business about ll months before filing her bankruptcy petition. At the time of the sale, the debtor entered into a non-competition agreement with the purchaser under which the debtor agreed, for a consideration of $150,000 per year, not to compete with the business in a specified area for a period of five years. This type of non-compete is not uncommon. The annual payments were to be made at the end of each of the five years. About a month after the petition, the debtor received the first payment. The question became whether the payment is property of the bankrutpcy estate?

The Bankruptcy Code
The Bankruptcy Code states that a petition for bankruptcy creates a new legal entity separate and apart from the debtor's prepetition estate. The debtor`s property prior to the date of bankruptcy goes into the bankruptcy estate. In due course, all the prepetition property is liquidated and its proceeds distributed to creditors.At the same time as the bankruptcy estate is created, the individual Ch. 7 debtor begins to accumulate a new estate. This new estate consists of earnings and property acquired after the filing as well as property that has been released to the debtor from the estate as exempt or abandoned by the trustee has having no economic value. These postpetition assets of the debtor are the basis of his or her fresh start. Petition creditors cannot reach them because they are stayed from doing so pending the debtor’s discharge, and are thereafter permanently enjoined from collecting prepetition debts.

So What About the Sale of the Business?
Although the earnings from the non-competition agreement accrue postpetition, the agreement creating the right to the earnings was entered into prepetition. The proceeds from the non-competition agreement were derived from the debtor’s prepetition activities, and are likely proceeds
of the bankruptcy estate property.
For more bankruptcy information read: Bankruptcy: Postpetition Income Part I, Bankruptcy: Automatic Stay, and What is Bankruptcy, Bankruptcy: Fresh Start, Bankruptcy: Student Loans, Bankruptcy: Means Test, Bankruptcy: Income Eligibility, Bankruptcy: New Asset Evaluation

Bankruptcy: Debtor's New Estate

2011-10-13T22:09:00.000-04:00

The Question Presented
If I file bankruptcy can I keep my cat? That may seem like a strange question, but that was just the situation faced by a debtor in a recent Chapter 7 filing. At the time of the petition the debtor owned a pregnant Persian cat. The cat produced a litter three weeks after the filing. So who owns the cat and who owns the kittens? (Answer to follow)

The Bankruptcy Code
The Bankruptcy Code states that a petition for bankruptcy creates a new legal entity separate and apart from the debtor's prepetition estate. The debtor`s property prior to the date of bankruptcy goes into the bankruptcy estate. In due course, all the prepetition property is liquidated and its proceeds distributed to creditors.At the same time as the bankruptcy estate is created, the individual Ch. 7 debtor begins to accumulate a new estate. This new estate consists of earnings and property acquired after the filing as well as property that has been released to the debtor from the estate as exempt or abandoned by the trustee has having no economic value. These postpetition assets of the debtor are the basis of his or her fresh start. Petition creditors cannot reach them because they are stayed from doing so pending the debtor’s discharge, and are thereafter permanently enjoined from collecting prepetition debts.

So Who Owns the Cat and Kittens?
Although property acquired by a Ch. 7 debtor after the petition is generally part of the debtor’s new estate, the Bankruptcy Code includes certain postpetition receipts in the estate if they have an appropriate connection with prepetition property.The Persian cat became property of the bankruptcy estate upon the debtor’s petition filing. Although the litter was born after the petition, it is property of the bankruptcy estate which includes in the estate all proceeds, product, offspring, rents or profits of or derived from estate property. It should be noted that if the cat or kittens had no economic value the bankruptcy estate would ultimately abandon them to the debtor.

For more bankruptcy information read: Bankruptcy: Automatic Stay, and What is Bankruptcy, Bankruptcy: Fresh Start, Bankruptcy: Student Loans, Bankruptcy: Means Test, Bankruptcy: Income Eligibility, Bankruptcy: New Asset Evaluation, Bankruptcy: Postpetition Income

Bankruptcy: Fresh Start Policy

2011-10-13T16:11:00.000-04:00

One of the cases heard in Bankruptcy Court today involved a twenty something who graduated from college 3 or 4 years ago. After graduation he got a job with the State of Florida which pays him an annual salary of around $40k per year. He apparently thinks he makes $80k as he lives in a $2,000 per month appartment, drives a brand new BMW and has $35,000 in an unsecured loan. He has fallen behind on his car payments and on the loan. With few real assets and unable to pay his debts he has filed a petition to have his debts discharged in bankruptcy. The Bankruptcy Court will have to decide whether he is deserving of a "Fresh Start." In doing so, the Court will be taking into account the following considerations:

Why Give the Debtor a Fresh Start?
One goal of the Bankruptcy Code's long-term debtor rehabilitation is to give the debtor a "fresh start." Assuming the debtor has complied with the Code’s requirements and has surrendered executable assets or sufficient future income for distribution to creditors, the debtor is entitled to a new beginning, unburdened by the unpaid balance of prebanktuptcy debts. The fresh start is intended not only to serve the interests of the debtor but also the public good. A rehabilitated individual debtor may become self-sufiicient once again, rather than a public charge. The rehabilitation of a corporate or business debtor may preserve jobs and add to the general well-being of the economy.

Cons of the Fresh Start Policy
In determining who may receive a bankruptcy discharge, bankrupcty courts have to balance the above considerations against the harm individual debtor may fail to learn from the bankruptcy and may simply slide again into debt, or, where a business is failing, attempting to save it may ultimately be less economically advantageous than selling its assets to a more effective user. Furthermore, the debtor’s fresh start comes at the expense of its creditors, who are forced to forgive a portion of the debt to which they would otherwise have been entitled. In addition to the direct effect that this has on the creditors themselves, the discharge of debt adds to the cost of giving credit and, therefore, affects the market as a whole. That is, borrowers ingeneral are likely to pay more for their credit because lenders factor into their interest rates the predicted percentage of loans that will be uncollectible because of bankruptcies.

So What Decision Will the Court Make?
It is a longstanding policy of bankruptcy law that relief is intended to help the honest debtor who has encountered serious financial difficulty. Bankruptcy is not supposed to enable prodigals to evade payment of their debts. This does not mean that aprodigal should never be placed in bankruptcy. Sometimes the bankruptcy of a dishonest or manipulative debtor serves the best interests of creditors. It does mean, however, that when bankruptcy has the effect of allowing a dishonest debtor to take advantage of creditors, it should be denied to the debtor. To draw the line between a deserving and undeserving debtor requires a moral judgment which is not always self-evident or easy to make. Nevertheless, many provisions in the Code require the court to take into account the debtor’s good faith or sincerity in determining the availability and form of relief. Sometimes an undeserving debtor may be denied relief altogether, and sometimeslimits may be imposed on the advantages to be obtained by the debtor.In the end, the Code generally favors rehabilitation over liquidation, on the theory that creditors are usually likely to do better under a plan of payment. The Bankruptcy Court will likely grant a discharge.

For more bankruptcy information read: Bankruptcy: Automatic Stay, and What is Bankruptcy, Bankruptcy: Fresh Start, Bankruptcy: Student Loans, Bankruptcy: Means Test, Bankruptcy: Income Eligibility, Bankruptcy: New Asset Evaluation,

What Is Bankruptcy?

2011-10-13T15:57:00.000-04:00

When a debtor files bankruptcy in a Federal Bankruptcy Court the federal and state debt collection procedures that are otherwise available to creditors are replaced by a powerful and wide-ranging system of federal laws and procedures. Bankruptcy takes different forms and is flexible enough to accomplish different goals. Two of the distinctive characteristics that make bankruptcy so different from collection remedies under state law are: (1) Bankruptcy encompasses all of the debtor’s assets and debts; and(2) Bankruptcy is designed to afford relief to the debtor by resolving and settling current debts, while at the same time protecting creditors and guarding their interests.

For more articles on Bankruptcy see: Bankruptcy: Automatic Stay,

Bankruptcy: Don't Violate the Automatic Stay

2011-10-13T15:09:00.000-04:00

What happens when a major banking institution decides to proceed with the sale of levied property even though the property owner has filed bankruptcy and an Automatic Stay is in effect? That issue came up last week in Bankruptcy Court. The debtor had defaulted on a loan from her bank. The bank filed a collection suit against her, obtained a default judgment, and issued a writ of execution. The sheriff then levied on her personal property creating a lien on the property. An execution sale was subsequently scheduled, but before the sale date the bank received notice from the clerk of the bankruptcy court that the debtor had filed a Chapter 7 Bankruptcy petition. Because the collection suit was so close to its conclusion, the bank decided to proceed with the sale, thereby avoiding the need to become involved in the debtor’s bankruptcy proceedings. Was the bank's decision to proceed with the sale legal? Short answer: absolutely not.

Automatic Stay
Under Section 302 of the Bankruptcy Reform Act, filing a petition for bankruptcy automatically provides a debtor with protection from creditor harassment. In simple terms, the automatic stay is an injunction that arises by operation of law immediately upon the commencement of the bankruptcy case. It is described as automatic because the act of filing the bankruptcy petition is all that is required to bring it into effect. No application for the injunction is made, and no court order is needed. Its effect is to impose a wide-ranging prohibition on all collection activity against the debtor. Any action by a creditor after the Automatic Stay is in effect is void even if the creditor did not know about the Stay when the action was taken.

So What Happened to the Bank?
The Bankruptcy Court concluded that the bank sale was a violation of the Bankrupcty Code's Automatic Stay provisions. The fact that the bank continued with the sale even after receiving notice of the bankrupcty made the bank a willful transgressor of the Stay. The Court tonguelashed the bank's representative and reserved ruling on additional sanctions. The bank could be held in contempt of court or be held liable for the debtor's actual damages, including costs, attorney’s fees, and punitive damages. The Bankruptcy Court determined that the bank had committed a "willful violation" which means its actions were intentional, even if the creditor believed it had a right to proceed.

Bankruptcy: Obtaining an Inheritance After Filing the Petition

2011-10-13T11:18:00.000-04:00

Bankruptcy and Inheritance
If I file bankruptcy and then receive and inheritance, does the inheritance become part of my bankruptcy estate?

Answer
The Bankruptcy Code includes in the bankruptcy estate any property that the debtor acquires or becomes entitled to by bequest, devise, or inheritance within 180 days after the petition is filed, if such property would have been property of the estate if the debtor had an interest in it at the time of the petition. The inheritance is estate property.

The Bankruptcy Code
The Bankruptcy Code states that a petition for bankruptcy creates a new legal entity separate and apart from the debtor's prepetition estate. The debtor`s property prior to the date of bankruptcy goes into the bankruptcy estate. In due course, all the prepetition property is liquidated and its proceeds distributed to creditors.At the same time as the bankruptcy estate is created, the individual Ch. 7 debtor begins to accumulate a new estate. This new estate consists of earnings and property acquired after the filing as well as property that has been released to the debtor from the estate as exempt or abandoned by the trustee has having no economic value. These postpetition assets of the debtor are the basis of his or her fresh start. Petition creditors cannot reach them because they are stayed from doing so pending the debtor’s discharge, and are thereafter permanently enjoined from collecting prepetition debts.

For more bankruptcy information read: Bankruptcy: Postpetition Income Part I, Bankruptcy: Postpetition Income Part II, Bankruptcy: Automatic Stay, and What is Bankruptcy, Bankruptcy: Fresh Start, Bankruptcy: Student Loans, Bankruptcy: Means Test, Bankruptcy: Income Eligibility, Bankruptcy: New Asset Evaluation

Warranty Deed (General and Special) and Quitclaim Deed

2011-10-07T17:06:00.002-04:00

Deeds in General

A deed is a written document which transfers all or partial ownership in real property to someone else. The deed must describe the real property, name the person transferring the property, the person receiving the property and must be signed and notarized by the transferring person. Once signed and notarized, the deed must be recorded in the office of the local county records.

Warranty Deed v. Quitclaim Deed
Two ofen used types of deeds include the Warranty Deed and Quitclaim Deed. The Warranty Deed guarantees that the transferring party owns clear title to the property while the Quitclaim Deed transfers only that interest in the real property which the transferor actually owns.

What Does a General Warranty Deed Warrant?
Depending on the state, a Warranty Deed warrants the following:

(1) The transferor warrants that he is the lawful owner of the property at the time the deed is made and delivered and that the transferor has the right to convey the property;
(2) The transferor warrants that the property is free from all encumbrances or liens;
(3) The transferor warrants that he or she will defend title to the estate so that the transferee and the transferee's heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.

What Does a Special Warranty Deed Warrant?
In contrast to a general warranty deed, a special warranty deed limits the liability of the transferor in a manner similar to the Quitclaim Deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. The transferor warrants that he or she did nothing to impair title during the period the transferor owned the property. While a special warranty deed may contain covenants of title, these covenants will usually cover only those claims arising by, through, or under the transferor.

What Does a Quitclaim Deed Do?
A Quitclaim Deed contains no warranties and the seller does not take on any liability to the purchaser for other recorded claims against the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record. A person who obtains a mortgage is still liable for mortgage payments after executing a Quitclaim deed on the property securing the mortgage.

The Quitclaim Deed is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title. A Quitclaim Deed conveys only such rights as the grantor has. A Warranty Deed conveys specifically described rights which together comprise good title. If the property is owned jointly, all owners must consent to the transfer. You cannot force a joint owner sign an instrument such as a Quitclaim Deed that would result in the forfeiture of the joint owner's interest in the property.

California Warranty Deed

2011-10-06T19:02:00.000-04:00

Covenant of Warranty
In contrast to the Quitclaim Deed, a Warranty Deed is a deed that contains an express covenant of warranty. A covenant of warranty is an undertakingby the grantor that he will compensate the grantee upon thefailure of the grantee’s title by reason of some third partysetting up a superior title. A covenant of warranty that is in the deed and made for the direct benefit of the property runs with the land and thus the grantor is liable to purchasers from his grantee as well as the grantee. A covenant of warranty is breached only when the grantee is evicted from possession of the property.

Quiet Possession
A covenant for quiet possession or enjoyment is similar to a covenant of warranty and will provide compensation to the grantee if his quiet possession of the property is disturbed. It too runs with the land and is not breached until the quiet possession is disturbed. Another similar covenant is the covenant for further assurance under which the grantor covenants to do such further acts for the purpose of perfecting the grantee’s title as the grantee may reasonably require. It too runs with the land.

Right to Convey
The final covenant is the covenant of right to convey. It is similar to the covenant of seisin but it may be used by one who does not own the property but has the right to convey it such as an attorney in fact for the owner. It does not run with the land and is breached at the time of conveyance. Warranty deeds and the other covenants discussed in this section are not used very often in California because buyers rely on title insurance to protect them if they have title problems.

8a Certification

2011-10-05T11:44:00.000-04:00

8a Certification is required before the GSA will give a minority owned or woman owned small business the benefits of federal contracts that have been set-aside for such businesses. The process can be long and tedious if you do it yourself. It can be much quicker and cheaper (in the long run) to hire a company that specializes in federal government contracting and 8a Certification. The reason it can be longer and more tedious is because a simple mistake at the beginning (like entering the wrong procurement classification code) and your whole application can be processed incorrectly. Companies that specialize in 8a Certfication have seen the potential areas for messing up an application and know up front what questions to ask you so that your application is processed correctly from the beginning.

This GSA Website has a ton of information dealing with 8a Certification, Central Contracor Registration, Set Asides for Small Businesses, DUNS Numbers, Form 1010 and GSA Contracts.

California Quitclaim Deed

2011-10-04T18:46:00.000-04:00

Form and Use of Quit claim Deed
The quitclaim deed is probably the second most popular deed in California. It is often used in transfers of real property among friends and relatives, where the grantee does not seek any personal guarantees from the grantor; in transfers of real property by gift; and in transfers made for the purpose of unclouding title to real property. In this way, the Quitclaim deed differs from the Warranty Deed which grants certain warranties to the grantee.

A quitclaim deed is distinguished from a grant deed by the use of the Word "quitclaim" rather than "grant" as the operative word of the deed. In general, a quitclaim deed will not transfer after-acquired title, but where the equitable interest of the grantor has been conveyed by a quitclaim deed, a later legal title acquired by the grantor is deemed to be transferred. Unlike a grant deed, a quitclaim deed does not imply coveants. Subject to recording laws and sales made by the sheriff under execution a grantee of a quitclaim deed takes the interest of the grantor in the land subject to all defects and equities which could have been asserted against the grantor.

Recording a Quitclaim Deed
Quitclaim deeds are entitled to be recorded, and the grantee of a quitclaim deed may be a purchaser for a valuable conderation, without notice, within the recording laws, so as to be protected from unrecorded instruments, of which he or she had no notice, which affect the title to the property.

8a Certified Business

2011-10-04T15:05:00.000-04:00

An 8a Certified Business is a small business which has been registered with the GSA as being economically or socially disadvantaged. In general, most 8a businesses are either minority owned or women owned. The GSA has identified a number of races as qualifying for minority status. These include: African-Americans, Hispanic Americans, Asian Pacific Americans, Native Americans (American Indians, Eskimos, Aleuts, or Native Hawaiians), and Subcontinent Asian Americans. If you are not a member of one of these groups you may still be able to show that you are socially disadvantaged to receive 8a consideration.

Check out this GSA Website for more articles on 8a Certification, CCR Registration, Small Business Set Asides, DUNS Numbers, and GSA Contracts.

What Does It Mean to Own Property as "Tenants in Common"?

2011-10-03T13:52:00.003-04:00

Owning property as Tenants in Common means two or more people (or businesses) own an undivided interest in a piece of property. Each property owner has the right to use the property without being able to exclude the other owner or owners from using it unless a separate written agreement states otherwise. When one of the tenants dies, his or her interest in the property passes to his or her heirs and not to the other tenants (unless the other tenants are also heirs).

There is no limit to the number of owners who can hold an interest in the property.

Tenants in Common v. Joint Tenants with Right of Survivorship

The biggest difference between a Tenancy in Common and Joint Tenancy is in the way the property is transferred when an owner dies. Under a Tenancy in Common, the deceased owner's interest passes to his or her heirs via Will, Trust, intestate, etc. Under a Joint Tenancy, the deceases owner's interest passes to the other owners (i.e. those who "survived" the deceased owner).

Other characteristics of a Tenancy in Common

(1) Ownership can be held in equal shares or unequal shares.
(2) Each owner has the right to possess the property without being able to exclude the other. Again, a separate agreement can be drafted and signed by all of the owners outlining who is to occupy the property and when. This is often the case in a time-share property.
(3) When an owner dies, that owner's interest passes to that owner's heirs.

Other Suggested PostsBefore buying property as a "Tenant in Common" check out these other related articles: Estate Planning and the Enhanced Life Estate Deed, The Difference Between the Enhanced Life Estate Deed, Warranty Deed and Quitclaim Deed, The Traditional Life Estate Deed, The Revocable Transfer on Death Deed and California's Revocable Deed, Joint Tenants with Right of Survivorship.

Child Custody Information

2011-10-02T12:26:00.001-04:00

In determining Child Custody in a divorce proceeding, the most important question asked by the courts is "what is in the best interest of the child?" This question focuses the courts' attention on the custody and care of the child and away from the desire and wishes of the two competing (and often hostile) parental interests. Although there are no uniform standards among the states as to what factors make up the "best interests of the child," the child's ultimate safety and well-being are of the greatest concern.

Principles Used to Determine the "Best Interest of the Child"
Courts are to assume the following in making a determination on the best interest of the child:
(1) It is important to maintain stability through family integrity and keeping the child in his or her home;
(2) It is important to protect the health and safety of the child;
(3) It is important to make a timely decision that will result in permanency and stability;
(4) It is important when a child is taken from his or her home that the child be given care, treatment, and guidance that will assist the child in developing into a self-sufficient adult.

Factors Used in Determining the Best Interest of the Child
Given the assumptions stated above, the Courts then consider the following factors:
(1) The ties between the child and his or her parents, siblings and other family members;
(2) The ability of the parents to provide food, shelter, medical care and other necessities for the child;
(3) The mental and physical health needs of the child;
(4) The mental and physical health of the parents;
(5) Whether there is a history of domestic violence in the home; and
(6) In some states the child's wishes, but most of these states require the child to have reached a certain age of maturity.

What is Child Support and How is it Determined?

2011-10-01T16:53:00.003-04:00

In a divorce proceeding where minor children are involved, the Court may order (and usually does) one of the parents to pay to the other parent funds to be used to support their children. These funds are commonly referred to as Child Support. Although the Court will take into consideration an agreement between the parties for child support, any such agreement will be nullified by the Court if it does not provide for the proper care and maintenance of the children.

Depending upon the state, some of the factors considered by courts in deciding whether (and how much) child support is to be paid by one spouse to the other include:
(1) the ages of the children;
(2) a child's extraordinary medical costs or needs that are not paid by insurance;
(3) the children's educational costs;
(4) the children's day care costs;
(5) the amount of shared physical custody, including extended visitation;
(6) a party's other support obligations to another household;
(7) income that should be imputed to a party because of voluntary "suppression" of income (i.e. when one party won't get a job just to avoid paying child support);
(8) in-kind income for the self-employed, such as reimbursed meals or a company car;
(9) other support a party is providing or will be providing, such as payment of a mortgage;
(10) a party's own extraordinary needs, such as medical expenses;
(11) extreme economic circumstances, such as one party having a ton of debt or making a ton of money;
(12) the history of the family's spending for their children;
(13) cost of living factors in the community of each party;
(14) in-kind contributions of either party;
(15) the income of the custodial parent;
(16) the cost of accident and illness insurance coverage for the dependent children; and
(17) extraordinary travel expenses to exercise visitation or shared physical custody.

Modification of Child Support
In most states, an order for child support may be modified by showing that a substantial change in the income and financial status of either former spouse has occurred. Also, modification may be ordered when the needs of the children have substantially changed and the best interests of the child would be served by the modification.

Enforcing a Child Support Order
Failure to make the required child support payments can result in a continuing writ of garnishment against the income of the delinquent former spouse. In many states, the Court may also suspend the delinquent spouse's professional and driver's licenses or have the delinquent spouse thrown in jail for failing to comply with a Court Order (i.e. contempt of court).

Given the complexities that go along with divorces involving children, you are best off hiring an attorney to handle such a divorce. As a practical matter, it is much easier to get what you want in the original child support order than to try to modify the order later.

Estate Planning: Dividing Property Amongst Heirs

2011-09-07T11:36:00.000-04:00

"When my father died he was 85 years old and had very little property of monetary value. He did have a number of sentimental items (paintings, jewelry, photo albums,etc) some of my siblings and I had given him over the years. After the funeral we went back to his home and started sorting through his belongings. For the most part, the process was friendly and gave us a chance to reminisce happier times. For the most part that is.We decided to divide up my father's belongings by returning each item to the giving sibling. I had given him a football signed by Johnny Unitas and some other sports related memorabilia. It became clear during the process that one of the siblings had given much less (i.e. nothing) to him than the rest. That particular sibling also received more financial assistance from my father than the others. As the night went on and we worked our way from one room to the next, that sibling started getting upset about the lack of items she had received. She started accusing me and my other siblings of being 'greedy, heartless and cold.' Our pleasant experience down memory lane was gone." The above account is real, and indicative of what can happen if you leave the decision about who gets what until after die. You can avoid this scenario if you plan ahead and discuss it with your heirs.

Discuss Who Gets What
One way you can avoid hurt feelings when you pass away is to discuss with your heirs who gets what before you die. These discussions will allow you to explain the things contained in your will and to share precious memories with your family in the process. You may find out that your youngest son would rather have your Navy flight jacket instead of your vintage automobile (this actually happened to one of my clients) or that your daughters would rather exchange with each other the items you had left to them. The homework desk your father made you when you were 7 may need to go to your grandson instead of your son.

Make a ListOnce you have decided who should get which item, make a list and keep it in a safe place with your Will or other estate planning information. You may also want to send the list to your attorney. If you end up giving away items off the list before you die, be sure to update the list, so there isn't any confusion.

Other Estate Planning Articles
Estate Planning and the Enhanced Life Estate Deed, The Difference Between the Enhanced Life Estate Deed, Warranty Deed and Quitclaim Deed, The Traditional Life Estate Deed, The Revocable Transfer on Death Deed and California's Revocable Deed.

Asset Protection: Four Important Techniques

2011-09-01T14:41:00.000-04:00

The topic of Asset Protection from creditors is an important one. The following are four general techniques you should consider when deciding how to protect your assets:

(1) State and Federal Statutory Exemptions.A number of your assets are automatically protected from creditors by state and federal statutes. For example, some states do not allow judgment creditors to attach the home of a "head of household" to the judgment. The term "head of household" applies to a person who supports either a spouse or children or both. You should consult an attorney to determine which Statutory Exemptions are available in your state.

(2) Forming a Professional Entity.Forming a Corporation, LLC, PC or other professional entity can limit your individual liability. If you own rental homes or other rental properties you may consider forming a corporation or other professional entity and placing ownership of the property into the entity. If someone is injured on the property your personal assets will be exempt from any potential judgment against the professional entity.

(3) Domestic Asset Protection Trusts.A Domestic Asset Protection Trust will allow you to protect your assets by placing them into a trust. You can name yourself as the beneficiary, but prevent potential creditors from getting at trust assets.

(4) Transmutation Agreements.Transmutation Agreements are available in community property states and effectively convert a husband and wife's community property into separately owned property for more protection.

Medicaid and the Lady Bird Deed

2011-08-08T11:25:00.000-04:00

Does Medicaid Look at a Lady Bird Deed as a Divestment of Assets?
No. In general, a patient who gratuitously transfers property to his or her children reserving a life estate, or transfers property into a joint tenancy or tenancy in common is subject to a Medicaid divestment penalty if the transfer occurs within 60 months from the date of the Medicaid application. A Lady Bird Deed does not transfer ownership of the property at the time it is executed and may be used to avoid the divestment penalty.

What is Alienation of Affection?

2010-11-07T17:01:00.000-05:00

Alienation of Affection is a legal term for convincing one spouse to leave the other spouse for a lover. The damages resulting from Alienation of Affection are those resulting from the loss of conjugal relations. The lawsuit is brought against the lover and not the spouse. Hawaii, Illinois, North Carolina, Mississippi, New Mexico, South Dakota, and Utah are the only states that still recognize it as a cause of action as of the date of this post.

See my other post on Alienation of Affection about a lady who obtained a judgment for $500,000 against her husband's mistress.

Trusts: Rule Against Accumulations

2010-11-03T00:03:00.000-04:00

Rule Against Accumulations
In most states a private trust may accumulate income only for the period of the Rule Against Perpetuities, unless a different period is set by statute. While the Rule Against Perpetuities is concerned with restraint on alienation of property as a result of the creation of uncertain and remote future interests, the Rule Against Accumulations is concerned with the unreasonable tying up of wealth as the result of unreasonable accumulation requirements. A gift which vests within the period ofthe Rule Against Perpetuities will be valid although a provision as to the same gift requiring accumulation beyond the period of the Rule will be stricken.

Trusts: Rule Against Perpetuities

2010-11-02T23:54:00.001-04:00

The common law Rule Against Perpetuities holds that a beneficiary’s interest in a trust is void unless it must vest, if at all, within twenty-one (21) years after some life in being at the creation of the trust.

However, there has been a modern trend toward reform of the Rule. The reform Rule states that a beneficiary’s interest will not be found to be in violation of the Rule if it must vest within 21 years of some life in being at the creation of the trust or actually does vest within 90 years after its creation. This is a statutory "wait and see" rule. In determining whether a beneficiary’s interest must vest within 21 years after a life in being, the possibility that a child will be born to an individual after the individual’s death is disregarded.

Some states have also statutorily alleviated the more damaging consequences of the Rule by
allowing their courts to modify the trust mode of distribution so as to bring the beneficiaries’
interests within the Rule. In some states, the court with jurisdiction of the trust may exercise its equitable power to reform the disposition in a manner which conforms with the settlor’s manifested plan of distribution and is also within the limits of the prior existing Rule of Perpetuities. In other states, the court can exercise its equitable power to modify the trust disposition in a manner which both conforms with the settlor’s plan of distribution.

Estate Planning: Where Should I Keep My Will?

2010-10-28T13:03:00.004-04:00

Losing your Will can create a nightmare for your heirs and result in your property ending up with an unintended beneficiary. Keeping up with a Will presents the distinct problem of keeping the contents secret from your heirs, and still making sure they can access it once you pass away.

Try a Safe Deposit Box
You may consider renting a safe deposit box for your Will. A safe deposit box would keep the Will away from your heirs, but might make it difficult for family members to retrieve the Will when the time comes. If you choose a safe deposit box, you might consider granting access to someone you trust to leave the Will alone until it needs to be probated.

Leave Your Will with an Attorney
You may choose to leave the original of your Will with an attorney. An attorney is obligated to keeping your Will confidential, and may only charge a nominal fee for maintaining it.

Alimony in Gross (Lump-sum Alimony)

2010-01-03T13:39:00.000-05:00

"Alimony in Gross" or "Lump-sum Alimony" refers to alimony that is fixed, single, and definite in amount which cannot be modified in subsequent modification proceedings. Alimony in gross is referred to as "lump-sum" alimony because it can take the form of a specific number of payments over a specific period of time.

Usually, Alimony in Gross is given as part of the property settlement in divorce proceedings. It compensates the recipient of the alimony for the loss of inchoate property rights in the spouse's estate. Upon receiving the alimony in gross the property rights of the recipient over the spouse's estate gets terminated. Alimony in Gross can be subject to discharge in bankruptcy proceedings.

An award of Alimony in Gross should be based on:

(1) each party's earning ability;
(2) probable future prospects of the parties;
(3) source of the marital property;
(4) the contribution of each party to marital property attainment;
(5) the duration of the marriage;
(6) the extent of the offending party's fault; and
(7) the compensation to the recipient for the loss of future support and statutory inchoate property rights.

See also Alimony Pendente Lite (i.e. Temporary Alimony).

Temporary Alimony or Alimony Pendente Lite

2010-01-02T13:51:00.000-05:00

Temporary Alimony or "Alimony Pendente Lite" is a court ordered temporary alimony awarded during the time an action for separation or divorce is pending. The purpose for Temporary Alimony is to provide support during the divorce process so that each spouse can maintain his or her standard of living.

Temporary alimony can also be referred to as temporary spousal support, or allowance pendent lite.

The term "Alimony" should be distinguished from Child Support as the two are separate legal principles.

If I Have a Living Trust, Do I Still Need A Will?

2009-11-11T13:22:00.003-05:00

The answer is, Yes. You still need a Will to transfer assets that may not have been transferred to your trust during your life. The type of Will that transfers the assets to your trust is called a "Pour-Over Will." Once you establish a living trust, you still need to remember to transfer your assets into the trust. Assets that are not in your trust, do not have beneficiary designations or are not jointly titled with another individual will be subject to probate.

Remember
Most people understand that there is no tax liablity (not under the current Tax Code anyway) when one spouse dies and the assets pass to the surviving spouse; however, they do not realize that they have lost the first spouse's available tax credit.

You can pass your assets under the marital deduction if you meet one of the following conditions:
(1) Your property is currently titled jointly with your spouse. One example of this is a deed titled as "Joint Tenants with Right of Survivorship;" or

(2) Your spouse is the primary beneficiary of life insurance, annuities and retirement plans; or

(3) Your Will transfers everything to your surviving spouse.

It does not matter how your assets pass to your surviving spouse; if they do, they are passing under the marital deduction, and you are not using your available credit.

How to Preserve the Credit
One way to preserve the credit and help ensure that your spouse receives income and principal is by setting up a credit shelter trust. You can use your credit by transferring assets outrigth to someone other than you surviving spouse (i.e., a child). Most couples do not desire this because the child receiving the assets has no legal duty to share with the surviving spouse. In addition, unexpected gift tax problems can arise.

What is an Alimony Trust?

2009-11-10T14:17:00.000-05:00

An Alimony Trust is a trust set up where the paying spouse pays or transfers to the trustee of the Alimony Trust money or property from which the receiving spouse will be supported after divorce or separation. The receiving spouse is named as the beneficiary of the Alimony Trust.

One reason for setting up an Alimony Trust is to make sure support for the receiving spouse continues even when the paying spouse has run into financial difficulties. Suppose a paying spouse owns a Certificate of Deposit and uses the interest from that CD to pay some or all of the alimony owed to the receiving spouse. If the paying spouse runs into financial difficulties he or she might be tempted to cash the CD out to be their own bills, leaving the receiving spouse to apply to the court for help with alimony.

However, if the same CD had been put into an Alimony Trust the paying spouse could not cash the CD out and the receiving spouse's alimony payments would remain steady.

Under an Alimony Trust, the paying spouse does not receive an alimony deduction for income reported by the receiving spouse from the trust. Nor does the paying spouse pays taxes on the trust income received in lieu of alimony. The paying spouse does not pay taxes on any trust income unless the divorce instrument or trust instrument fixes an amount or portion of payments as child support.

Avoid Probate: What is a Trust?

2009-11-09T15:40:00.003-05:00

I had several clients ask about setting up trusts last week and was surprised at how little they knew about what a trust is and what a trust does. I have done work for them in the past and just assumed they knew more about Estate Planning than they did. It served as a reminder that sometimes as an attorney I get "institutionalized" when it comes to what I do for a living. By "institutionalized" I mean I often get so caught up in practicing Estate Planning Law that I begin to assume everyone knows what I know about it. I thought back to how much I knew about Estate Planning before I went to law school and even several years after law school. Not much. So for the likely many of my readers who don't know what a trust is, here goes.

A Trust Is...
A trust is bascially a set of instructions that specifies how you would like your assets to be managed and distributed to your beneficiaries. A trust is created by a legal document that names an individual or institution to manage the assets placed in the trust. In general there are two types of trusts:

(1) Trusts that are implemented while you are alive (i.e., revocable living trusts or inter vivos irrevocable trusts). When you establish a living trust, you reregister your assets to the trust, and the trust becomes the owner of your assets. You can name yourself as trustee. When you die, the trust assets avoid probate; and

(2) Trusts that are created through your Will after you pass away (i.e., testamentary trusts).

Why Create A Living Trust?
There are two basic reasons to create a living trust. First, to maximize your ability to control the management and distribution of your assets. There are many advantages to retaining control over your assets through a living trust. Some of these advantages include naming someone to manage your assets in case you become incapacitated, controlling when your assets will be distributed to your heirs, and maintaining privacy of your finances even after you have passed away.

The second reason to create a living trust is to prepare for possible tax consequences. The IRS treats transfers of assets for individuals at death as either nonmarital or marital. A nonmarital transfer is taxable, a marital transfer is not.

What is an Accelerated Death Benefit?

2009-11-07T16:27:00.000-05:00

One of my client's recently obtained guardianship of her aged mother. Her mother was recently moved to a nursing home due to health problems. She is not expected to live longer than a year. My client approached me about getting help paying for the cost of the nursing home and otherwise caring for her mother. We went through her mother's finances and discovered that she took out a life insurance policy that contained an Accelerated Death Benefit clause. An Accelerated Death Benefit clause allows the insured to collect part of her death benefits before she dies if certain circumstances exist.

Accelerated Death Benefit
An Accelerated Death Benefit clause in a life insurance policy allows the insured to received a percentage of the policy’s face amount, discounted for interest, prior to the insured's death. As in the case of my client's mother, the benefits kick in when the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.

Use of the Accelerated Death Benefit has allowed my client to give her mother the kind of care she needs without draining her bank account and having to sell off sentimental property.

Florida Probate Law: Execution of Wills

2009-10-29T20:38:00.006-04:00

Any person 18 or older who is of sound mind may make a Will.

Every Will must be in writing and executed as follows:

By Testator
(1) The Testator must sign the Will at the end; or
(2) The Testator's name must be subscribed at the end of the Will by some other person in the Testator's presence and by his discretion.

By Witnesses
Witnesses signatures must sign the Will in the presence of the Testator and in the presence of each other.

A Will may be Self-proved to avoid having to bring the attesting witnesses into probate court to prove the Will.

Form
No particular form of words is necessary to the validity of a Will if it is executed with the formalities required by law.

A Codicil must be executed with the same formalities as a Will.

Florida Probate Law: Definitions

2009-10-28T20:14:00.002-04:00

The following definitions are included in the Florida Probate Code:

Beneficiary - an heir at law in an intestate estate, and devisee, in a testate estate. The term "beneficiary" does not apply to an heir at law or a devisee after his interest in the estate has been satisfied. In the case of a devise to an existing trust or trustee, or to a trust or trustee described by Will, in the absence of a conflict of interest of the trust, the trustee is a beneficiary of the estate. An owner of a beneficial interest in the trust is a beneficiary of the trust and is, in the absence of a conflict of interest of the trust, not a beneficiary of the estate.

Child - includes a person entitled to take as a child under the Florida Probate Code by intestate succession from the parent whose relationship is involved, and excludes any person who is only a stepchild, a foster child, a grandchild, or a more remote descendent.

Devise - when used as a noun means a testamentary disposition of real or personal property and, when used as a verb means to dispose of real or personal property by Will. The term includes "gift," "give," "bequeath," "bequest," and "legacy." A devise is subject to charges for debts, expenses, and taxes.

Devisee - means a person designated in a Will to receive a devise. In the case of a devise to an existing trust or trustee, or to a trustee of a trust descibed by Will, the trust or trustee is the devisee. Beneficiaries of a trust are not devisees.

Distributee - a person who has received estate property from a personal representative other than as a creditor or purchaser.

Domicile - a person's usual place of dwelling and is synonymous with "residence."

Estate - property of a decedent that is subject to administration.

Grantor - one who creates or adds to a trust and includes "settlor" or "trustor" and a testor who creates or adds to a trust.

Heirs - those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.

Interested Person - any person who may reasonably be expected to be affected by the outcome of the particular proceeding involved.

1031 Exchange: General Requirements

2009-10-14T13:24:00.000-04:00

There are three general requirements for nonrecognitiontreatment with respect to the properties involved in 1031 like-kind exchange. These include:

The property transferred by the taxpayer must be heldby the taxpayer for productive use in a trade or business or for investment.
The property received by the taxpayer in the exchangemust be property which is to be held for productive usein a trade or business or for investment.
The property transferred and the property exchangedmust be of like kind.Property held for productive use in a trade or business maybe exchanged for property to be held for investment, and property held for investment may be exchanged for property to beheld for productive use in a trade or business.

However, even if the above requirements are met, nonrecognition is not permitted on exchanges of the following types ofproperty:

Stock in trade or other property held primarily forSale;
Stocks, bonds, or notes;
Other securities or evidences of indebtedness or interest;
Interests in a partnership;
Certificates of trust or beneficial interests; and
Choses in action.

You may also want to read my other articles on 1031 Like-Kind Exchanges and the Near-Simultaneous Requirement.

What does "Like Kind" mean?

2009-10-10T13:40:00.000-04:00

In a 1031 nonrecognition transaction the property exchanged must be of like kind. With respect to real estate, the regulations define like kind property quite expansively. As used in Section 1031(a), the words ‘like kind’ have reference to the nature or character of the property and not to its grade or quality. One kind or class of property may not, under that section, be exchanged for property of a different kind or class. The fact that any real estate involved is improved or not improved is not material, for that fact relates only to the grade or quality of the property and not to its kind or class. For example, the regulations specifically approve an exchange of urban for rural real estate, the exchange of a thirty year leasehold for real estate, and an exchange of improved for unimproved real estate.

The regulations have been understood to permit the exchange of any real property for any other real property.

Florida Probate Law: Revocation of a Will

2009-10-08T20:48:00.005-04:00

A Will or Codicil, or any part of either, is revoked:

(1) By a subsequent inconsistent Will or Codicil, even though the subsequent inconsistent Will or Codicil does not expressly revoke all previous Wills or Codicils, but the revocation extends only so far as the inconsistency exists. The law favors two separate Wills to be read together except where the two are inconsistent.

(2) By a subsequent written Will, Codicil, or other writing declaring the revocation, if the same formalities required for the execution of Wills are observed in the execution of the Will, Codicil, or other writing.

(3) By burning, tearing, canceling, defacing, obliterating, or destroying it with the intent, and for the purpose of revocation.

Effect of Subsequent Marriage, Birth or Divorce
Neither subsequent marriage nor birth or adoption of lineal descendants revoke the prior Will of any person, but the pretermitted spouse or child shall inherit regardless of the prior will.

All Wills made by husband and wife whose marriage has been subsequently dissolve or who become divorced shall become void by means of the dissolution of marriage or divorce as the Will affects the surviving divorced spouse.

1031 Exchange: The Near-Simultaneous Requirement

2009-10-08T13:06:00.000-04:00

The Near-Simultaneous Requirement
In 1984, the IRC was modified to add the requirement that a like-kind exchange be done "nearly simultaneously" to receive nonrecognition treatment. Nonrecognition treatment does not apply to an exchange of property unless the property received by the taxpayer is identified within 45 days of the transfer of the property relinquished by the taxpayer. Also, the property must be received by the taxpayer within 180 days of the transfer of the relinquished property, or by the due date (including extensions) of the transferor’s tax return for the year in which the transfer of the relinquished property occurs, whichever is earlier. This provision was enacted to curb the practice of deferred exchanges, often called "Starker" exchanges, in which a taxpayer would transfer property to a purchaser who would promise to purchase an as yet unidentified property in the future, at the taxpayer’s direction, for transfer to the taxpayer.

Read my other articles on 1031 Like-Kind Exchanges.

Florida Probate Law: Pretermitted Spouse

2009-10-07T21:00:00.002-04:00

A Pretermitted Spouse is when a person marries after making a Will and the spouse survives the Testator. The surviving spouse receives a share in the estate of the Testator equal in value to that which the surviving spouse would have received if the Testator had died intestate, unless:

(1) Provision has been made for, or waived by, the spouse by prenuptial or postnuptial agreement;

(2) The spouse is provided for in the Will;

(3) The Will discloses an intention not to make provision for the spouse.

Florida Probate Law: Self Proving Will

2009-10-06T21:07:00.002-04:00

A Self-proved Will executed in accordance with the Florida Probate Code may be admitted to probate without further proof.

A Will or Codicil executed in conformity with the Florida Probate Code may be made self-proved at the time of its execution or at any subsequent date by the acknowledgment of it by the Testator and the affidavits of the witnesses, each made before an officer authorized to administer oaths and evidenced by the officer's certificate attached to or following the Will.

Intestate Distribution

2009-10-05T20:19:00.001-04:00

Complete Intestacy
In most states, if a person dies without a Will or if his Will is totally invalid the result is complete intestacy. This means the entire estate of the deceased will be decided by the court under the rules of the forum state.

Partial Intestacy
Intestacy is partial if the testator made a Will but not all of his property is disposed of by the Will. This can happen when the Will does not contain a residuary clause or a residuary heir disclaims his interest. Any such property will pass under the laws of intestacy as described above.

A testator may prevent an heir from taking by intestacy by simply disposing of all his
property by his Will. However, if a Will does not dispose of all his property, the heir may take by intestacy. Also, in most states a Will may not completely disclaim a spouse or minor children under "Elective Share" statutes.