An Oklahoma Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse is a legal document used to transfer ownership of a condominium unit to a charitable organization, while still allowing the donor and their spouse to reside in the unit for the remainder of their lives. This type of deed is commonly used by individuals who wish to contribute their property to a charitable cause while retaining the right to live in it until their passing. The primary purpose of this deed is to enable individuals to make a charitable donation of their property while still maintaining the right to use and occupy the condominium unit during their lifetime. This allows donors to support a cause they are passionate about and also ensures that they have a place to live. There are a few different types of Oklahoma Deeds Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse, including: 1. General Warranty Deed with Life Estate: This type of deed guarantees that the granter has the legal right to transfer the property and includes a life estate reservation for the donor and their spouse. The granter promises to defend the title against any claims that may arise. 2. Special Warranty Deed with Life Estate: Similar to the general warranty deed, this type of deed provides a limited warranty of title. The granter only guarantees that they have not caused any defects in the title during their ownership. 3. Quitclaim Deed with Life Estate: This deed transfers the granter's interest in the property to the charitable organization without any warranty of title. The granter simply releases any claim they may have without guaranteeing the property's ownership status. In all cases, these deeds are typically executed with the assistance of legal professionals to ensure all the necessary requirements are met and to address any potential legal complications. It is essential for individuals considering this type of deed to consult with an attorney experienced in Oklahoma real estate law to understand the implications and ensure a smooth transaction. By completing the deed with the necessary life estate reservation, donors can ensure that they can continue to reside in the condominium unit until their passing while contributing to a charitable because they are passionate about.
Oklahoma Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse
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§60175.6a. Acquiring and holding real property in name of express trust Transfer Memorandum Presumption for conveyance by trustee. Any estate in real property may be acquired and held in the name of an express private trust which is a legal entity.
Your surviving spouse inherits all property acquired by joint effort during your marriage, plus 1/3 of the balance.
If the decedent leave no issue, the estate goes one-half (1/2) to the surviving husband or wife, and the remaining one-half (1/2) to the decedent's father or mother, or, if he leave both father and mother, to them in equal shares; but if there be no father or mother, then said remaining one-half (1/2) goes, in equal ...
Oklahoma statutes, title 60, sections 831- 839 section 831, short title this act shall be known and may be cited as the ?Residential Property Condition Disclosure Act.? existence of hazardous or regulated materials and other conditions having an environmental impact.
Under Oklahoma law, your spouse will receive the greater of the property left under the will or half the property acquired during the marriage. You can specify that your children inherit nothing. In your will, you must clearly specify that you are leaving nothing to a particular child or children.
Oklahoma probate law provides surviving spouses with the right to continue to occupy their primary residence and also provides for an allowance to support the spouse and the couple's children regardless of the terms of the decedent's will.
The key feature of this form of ownership is the right of survivorship. The last co-owner to die will hold title to the property in fee simple absolute individual ownership regardless of what the deceased co-owner's will provides and regardless of whether the surviving joint tenant is related to the deceased cotenant.
Spouses do not automatically inherit all of the property and assets unless there are no other relatives. In most cases, spouses receive half or less of community property and assets.
