Due to this termination, a life estate holder cannot transfer his or her interest in the property through a will.
Importantly, a life estate cannot be revoked.
Therefore, once a person sets up his or her ownership of a property in a life estate, he or she cannot sell or otherwise dispose of the home.
Can a life estate deed be changed?
Unlike a Lady Bird Deed, once a life estate has been granted, it can’t be undone without the consent of the remainderman.
Who owns the property in a life estate?
A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the “remainderman” (in this example, Son).
What happens at the end of a life estate?
A person who reserves a life estate on a property deed has the right to live on and use the property until she dies. If the remainderman dies before the life estate holder, his interest in the property may pass to his heirs or any other remaindermen named on the life estate deed.
Can you mortgage a life estate?
A life estate lets you have your house and give it away too. With a life estate, you give your heir the deed, so the property won’t pass through probate, but you reserve the right to keep living there.