This form is a Warranty Deed where the grantor is an individual and the grantees are six individuals who are grantor's children. Grantor conveys and warrants the described property to the grantees subject to a retained life estate. Grantees take the property as tenants in common or as joint tenants with the right of survivorship. This deed complies with all state statutory laws.
Life Estate Deed Maine With Powers
Category:
State:
Maine
Control #:
ME-SDEED-9-8
Format:
Word;
Rich Text
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Description life estate deed
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Pur autre vie (per o-truh vee) is a French legal phrase which means for another's life. This phrase is durational in meaning as it is another's life, not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.
When you create a life estate, a gift is automatically made to your children. The gift is known as the remainder interest. This gift disqualifies you for medical assistance (help with nursing home bills) for the then applicable "look back" period.
Maine now allows you to leave real estate with transfer-on-death deeds, also called beneficiary deeds. You sign and record the deed now, but it doesn't take effect until your death. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death.
Filters. Latin/French. For the life of another, term often used in bequeathing a right (but not title) in property.
How Does a Life Estate Deed Work? The life tenant does not have the right to sell the property or take out a mortgage on it without the agreement of the remainderman. The remainderman becomes a co-owner of the property but has no legal rights to live in it or use it until the death of the life tenant.
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Check for enhanced life estate deeds in states that allow them. The grantor of a life estate is often the same person as the life tenant but need not be.What to Consider Before Gifting Your House or Other Real Estate.