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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.

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.

The life tenant is the property owner for life and is responsible for costs such as property taxes, insurance, and maintenance. Additionally, the life tenant also retains any tax benefits of homeownership.

The life tenant is the person who has the life estate, or entitlement to the use of property during their lifetime. The second party is the remainderman, or person with a remainder interest who is entitled to full ownership upon the death of the life tenant.

You dictate the actions you permit the person to take, and you can limit it to a single transaction or give the person general authority. You can revoke a power of attorney through a written revocation form, which must be given to your agent and to the individuals and businesses the agent deals with on your behalf.

General Power of Attorney ? This form is used to appoint a person to act as the principal on a broad range of financial issues, but it becomes void if the principal is incapacitated. Signing Requirements: No laws, although a notary public is recommended.