This form is a Life Estate Deed where the Grantor is an individual and the Grantee is an Individual. Grantor conveys and warrants the described life estate to the Grantee. This deed complies with all state statutory laws.
A life estate with condition subsequent is a type of legal arrangement where a person (referred to as the life tenant) is given the right to use and occupy a property for the duration of their life, subject to certain conditions or restrictions. The key characteristic of this type of life estate is the inclusion of a condition subsequent, which states that the estate will terminate automatically if a specified event or condition occurs. Life estates with condition subsequent can be created for various purposes, generally aimed at providing financial support, inheritance planning, or control over the property. Some common types of life estates with condition subsequent include: 1. Life Estate with Reversion: In this arrangement, the ownership of the property reverts to the original granter, or to a specified entity, once the condition subsequent is triggered. For example, the property may revert to the granter if the life tenant remarries or moves out of the property. 2. Life Estate with Remainder or Future Interest: Here, the property ownership is transferred to a designated individual or organization, known as the remainder man, once the condition subsequent is satisfied. The remainder man may be a family member, a charitable organization, or any other chosen beneficiary. For instance, the property may transfer to a charity if the life tenant fails to maintain the property adequately. 3. Life Estate with Power of Termination: This type of life estate allows a third party, often the granter or another specified individual, to terminate the life estate if the condition subsequent is met. The termination power provides an additional layer of control to ensure that the life tenant adheres to the agreed-upon conditions. For instance, the granter may have the power to terminate the life estate if the life tenant fails to pay property taxes. 4. Life Estate with Conditional Use: In some cases, the condition subsequent may restrict the use or purpose of the property during the life estate. For example, the life tenant may be prohibited from renting or selling the property, altering its structural integrity, or changing its designated use. Failure to comply with these conditions can lead to the termination of the life estate. Life estates with condition subsequent can be powerful legal tools to accomplish a variety of goals. It is important to consult with a qualified attorney to draft the necessary documents and ensure that the conditions and intentions are clearly articulated and legally valid.
