This deed warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property. However, the grantor is reserving a life estate interest in the property and the right to harvest any timber or minerals in his lifetime. The form is available in both word and word perfect formats.
Alabama Deed Reserving Life Estate and Lifetime Timber and Mineral Rights - Transfer
Category:
State:
Alabama
Control #:
AL-005-08-CP
Format:
Word;
Rich Text
Instant download
Description Life Estate Alabama
Free preview Alabama Life Estate Deed
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Mineral Rights In Alabama Form popularity
Mineral Rights Alabama Other Form Names
Life Estate Deed Example
Life Estate Deed Form Alabama
Alabama Mineral Rights
Transfer On Death Deed Alabama
Alabama Life Estate Deed Form
Deeds In Alabama
Alabama Property Deeds
Lifetime Estate Rights FAQ
At death, property is transferred from your name (ownership) in one of three ways: by title; by beneficiary designation; or by probate. The trick to avoiding probate is to make sure all of your assets are set up as transfers under either joint title or beneficiary designation.
The date the deed was made; The name of the party granting the life estate and their address; The name of the grantee and their address; The address and a legal description of the property that is subject to the life estate;
In most cases, the surviving owner or heir obtains the title to the home, the former owner's death certificate, a notarized affidavit of death, and a preliminary change of ownership report form. When all these are gathered, the transfer gets recorded, the fees are paid, and the county issues a new title deed.
Find the most recent deed to the property. Create the new deed. Sign and notarize the deed. Record the signed, notarized original deed with the Office of the Judge of Probate.
Alabama does not allow real estate to be transferred with transfer-on-death deeds.
If the deceased was sole owner, or co-owned the property without right of survivorship, title passes according to his will. Whoever the will names as the beneficiary to the house inherits it, which requires filing a new deed confirming her title. If the deceased died intestate -- without a will -- state law takes over.
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.