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A life estate is a property interest that limits itself by the tenant's lifetime. In other words, the life tenant holds the right to use and occupy the property for their lifetime, after which the remainderman takes possession.

Although the property will not be included in the probate estate, the life estate property will usually be included in the taxable estate of the life tenant. This means that the Pennsylvania inheritance tax will apply.

Remember, the life tenants only own the home for the rest of their lives so at the moment of their deaths, ownership will automatically pass to the remaindermen named in the deed. There's no need to file anything in the Probate Court for the ownership to change hands.

Duties Of A Life Tenant While in possession of the land, a life tenant owes the following duties to future interest holders: The duty to pay ordinary taxes on the land and interest on a mortgage: A life tenant has a duty to pay taxes to the extent the property produces income.

Acknowledgments are usually associated with real estate conveyances, mortgages, powers of attorney, or agreements. Jurats (Oaths/Affirmations) are frequently utilized in affidavits, declarations, applications, court-related documents, and other sworn statements.

If the signers only require a statement indicating that they have signed the document and nothing more, then the acknowledgement is most likely the appropriate choice. On the other hand, if the document indicates ?swearing? or an affirmation of truthfulness, then a jurat may be necessary.