A life estate deed is a way to transfer ownership of real (tangible) property.<\/p>\n
This deed is legal documentation that alters the ownership of a piece of real (tangible) property.<\/p>\n
The person that owns the real property (in this instance, Dad) signs a deed that is going to pass the ownership of the property systematically following his passing away to someone else, referred to as the “remainderman” (in this instance, Daughter). As part of the deed, Dad keeps what is known as a life estate, meaning he can remain living on and using the property for the remainder of his life.<\/p>\n
He becomes a “life tenant.” The deed would generally include terminology like “to Dad for life, to Daughter as the remainder.”\u00a0 The deed is finished when Dad signs it and then is filed with the county.<\/p>\n