Does a life estate have to go through probate?
It is a way to pass your home to your children without going through probate.
If you own a home and the title is in your name alone at your death, it will have to go through probate.
Probate is needed when you have assets titled in your name alone at your death.
Keep in mind that having a Will does not avoid probate.
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 to a life estate after the person dies?
A life estate allows lifetime use of a home before it passes to the final beneficiaries. A “life estate” occurs when a person has a legal right to use property during life, but does not own the property outright. After the death of the life tenant, the property passes to the named beneficiaries, called “remaindermen.”
How does a life estate deed work?
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life.