A: A life estate deed allows the recipient (the “life tenant”) to live on a given property for the rest of their life. The life estate deed must identify at least two separate parties: one who is the life tenant, and the other who is the “remainderman”, which is the person that becomes the outright owner of the property upon the termination of the life estate. A life estate can terminate for several reasons, for example: upon the death of the life tenant; upon the life tenant’s violation of the conditions of the life tenancy; or upon the life tenant’s voluntarily termination of the life estate.
Q: What exactly is a life estate deed?
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