Collect Data For Legal South Carolina Agency Forms For Free

A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.

There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.

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.

Upon the life tenant's death, the remaindermen receive what is known as a "stepped-up" basis in the property. This means the property's tax basis is its fair market value at the time of the life tenant's death, not the value at which the life tenant originally purchased the property.

If you wish to receive South Carolina records for vital statistics, you can access them through southcarolina.staterecords.org. Through this portal, you can obtain public record information on marriages, inmates, divorces, deaths, births, bankruptcy, addresses, phones, and sex offender information.

For your convenience, you can order copies of closed civil or criminal case files using NARA's online ordering service, or via mail/fax/email by downloading and completing the appropriate form found at the link below. Certification is available for an additional charge for documents delivered by mail.