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An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.

Life Tenant(s) maintain responsibility for property taxes, insurance and maintenance. Life Tenant(s) are also entitled to rent out the property and to receive all income generated by the property. Remainder Owner(s) automatically take legal ownership of the property immediately upon the death of the last Life Tenant.

South Carolina does not recognize transfer-on-death (TOD) deeds. TOD deeds?where recognized?serve a purpose similar to life estate deeds without restricting the owner's property rights during life. Another South Carolina deed form relevant to estate planning is called a deed of distribution.

The Validity of Lady Bird Deeds in South Carolina Lady Bird deeds, or enhanced life estate deeds, are not recognized in South Carolina. Instead, individuals looking to retain control of their property during their lifetime while designating a beneficiary upon their death may need to consider options like living trusts.

The bayana agreement must be countersigned by the parties, and there should be one witness from both sides of the parties before whom the entire procedure takes place. Before paying the money, make sure that the property is registered in the name of the seller to whom the bayana is paid.

As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.