Life Estate

A life estate deed is commonly done to protect real estate or mineral rights from nursing home costs, and to avoid probate.  Once the life estate deed is recorded with the County Recorder’s office, it grants ownership of the parcel to two separate parties:  the life estate owner(s) and the remainder interest owner(s).

Life Estate Owner(s) – LIFE RIGHTS

• Full use, benefit and enjoyment of the property for life
• Earns rental income from property for life
• Pays property taxes and expenses for life
• Cannot sell or transfer the property without the signature of the remainder interest owner(s)

Remainder Interest Owner(s) – DEATH RIGHTS

• Obtain full use of the property and right to income from the property when the life estate owner(s) die
• Cannot sell or transfer the property without the signature of the life estate owner(s)