Connecticut Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse
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How to fill out Deed Conveying Condominium Unit To Charity With Reservation Of Life Tenancy In Donor And Donor's Spouse?
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FAQ
A life estate is a form of ownership of real property. The person who holds the life estate is called the life tenant, and he or she is given rights to occupy the property until death. The other owner(s) are called remaindermen.
A life estate can be established during one's life time by deeding property to someone while reserving, for oneself or another party, a life estate. This is accomplished through language in the transfer instrument that gives a designated person (or people) the right to use the property for their lifetime.
In Connecticut, the right of survivorship comes when you own property in joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
A life estate helps avoid the probate process upon the life tenant's death. The property will automatically transfer to the remainderman, making the process simple and easy ? a will isn't needed for the transfer to happen.
Cons of a Life Estate Deed Lack of control for the owner. ... Property taxes, which remain for the life tenant until their death. ... It's tough to reverse. ... The owner is still vulnerable to any debt actions that may be brought against the future beneficiary or remainderman.
Within a life estate, the life estate deed is a document that grants the owner the ability to pass on ownership of a property without including it in a will as part of a person's assets.
WILL A LIVING TRUST AVOID PROBATE? Yes, but under current Connecticut law, not entirely. If assets are properly placed in trust before death, the living trust ?bypasses? probate as no proceedings are now necessary to pass title on death.
In Connecticut an owner of real property can can transfer ownership of their property by a quit claim deed of the property to another person(s) and retain a life use, allowing them to continue living in the home until their death. This avoids probate of this real property.
