Georgia Affidavit As to Termination of Life Estate Created by Deed / Assignment
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How to fill out Affidavit As To Termination Of Life Estate Created By Deed / Assignment?
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FAQ
However, Lady Bird deeds are not recognized in Georgia. Similar outcomes can often be achieved through the use of a revocable living trust or a TOD deed, as previously discussed.
Section 44-6-82 - How and in what property life estate may be created (a) An estate for life may be created by deed or will, by express agreement of the parties, or by operation of law. (b) A life estate cannot be created in property which will be destroyed on being used.
A remainderman is a property law term that refers to a person who stands to inherit property at a future point in time upon the termination of a preceding estate?usually a life estate. A remainderman is a third person other than the estate's creator, initial holder, or either's heirs.
Code § 44-6-82. Section 44-6-82 - How and in what property life estate may be created (a) An estate for life may be created by deed or will, by express agreement of the parties, or by operation of law. (b) A life estate cannot be created in property which will be destroyed on being used.
Georgia residents in the thick of estate planning are probably familiar with the term ?life estate.? It refers to any property that you'd own and use for the entirety of your life that's jointly owned with someone else.
An owner who records a TOD deed retains the right to revoke the deed or sell or mortgage the property. Georgia is among the minority of states that do not recognize TOD deeds. A Georgia property owner may be able to achieve a similar objective using a living trust.
A conventional life estate is one created by grant from the owner of the fee simple estate. A legal life estate is one created by statute in some states and depends on the law of the state where the real estate is located. Examples of this type of life estate include curtsey and dower.
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.
