Life Estate Deed Ny at Life

Life Estate Deed Ny. Drafting life estate by deed a deed normally contains a description of the property, the name of the transferring owner and the name of the new owner. A life estate deed may be one way in which to get property out of your name in order to qualify.

Benefits of a life estate deed A life estate deed is a change of the possession of the real property that is the caption of the deed to one or more persons (the remainderman ) while maintaining ownership of a life estate in the property by the person (s) conveying the estate (the life tenant). A life estate deed has several positive benefits & is a powerful tool when it comes to new york estate planning.

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As discussed in how to avoid probate of real estate, a. Description new york life estate. A life estate deed is a tool that can help with estate planning especially for seniors in new york, who are in the midst of updating their estate plan or even undertaking one for the first time, the use of a life estate may be an excellent planning tool to discuss with your trusted attorney. However, these rules are very complex, and you should consult with a new york elder law attorney before attempting any property transfers on your own.