Life Estate Deed
Life Estate Deed
I. Introduction
This Life Estate Deed ("Deed") is executed by the undersigned grantor [YOUR NAME], with a primary residence at [YOUR ADDRESS] ("Grantor"), in favor of the Grantee who for this Deed shall be known as the "Life Tenant."
II. Recitals
This Deed is made concerning the following:
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The Grantor is the sole and rightful owner of the property described in Section III herein.
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The Grantor desires to convey the property to the Life Tenant for the duration of the Life Tenant's lifetime, after which the property will automatically transfer to the "Remainderman" as identified in this Deed.
III. Description of Property
The real property subject to this Deed is legally described as follows:
|
Property Type |
Address |
Legal Description |
|---|---|---|
|
Residential |
123 Evergreen Terrace |
Block 10, Lot 4, Evergreen Subdivision, Springfield County |
IV. Conveyance of Life Estate
The Grantor hereby conveys to the Life Tenant a life estate in the above-described property subject to the terms outlined in this Deed. Upon the death of the Life Tenant, the property shall automatically pass to the Remainderman without the necessity of probate administration.
V. Designation of Remainderman
The property described in Section III shall, upon the death of the Life Tenant, automatically transfer to the Remainderman. The Remainderman under this Deed is as follows:
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Name: John Doe
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Relationship to Life Tenant: Son
VI. Binding Effect
This Deed is binding upon and shall inure to the benefit of the parties hereto, their successors, and assigns. All terms and conditions of this Deed shall be binding upon the respective heirs, executors, administrators, and authorized assigns of the Life Tenant and Remainderman.
VII. Signatures
IN WITNESS WHEREOF, the Grantor has executed this Deed on this day.
Grantor:
[YOUR NAME]
[DATE SIGNED]
Grantee:
[GRANTEE'S NAME]
[DATE SIGNED]
VIII. Witnesses
This Deed of Exchange is witnessed and signed on the day and the year first above written.
[WITNESS 1 NAME]
[WITNESS 2 NAME]
VIII. Notarization
State of [STATE], County of [COUNTY]
On this [DATE], before me, a Notary Public in and for said county and state, personally appeared [YOUR NAME] and [GRANTEE'S NAME], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
[NOTARY PUBLIC'S NAME]
Notary Public
Commission Number: [NOTARY COMMISSION NUMBER]
Expiration Date: [EXPIRATION DATE]
