Puerto Rico Affidavit As to Termination of Life Estate Created by Deed / Assignment

State:
Multi-State
Control #:
US-OG-005
Format:
Word; 
Rich Text
Instant download

Description

This affidavit provides for a death certificate of the deceased life tenant to be attached. It is evidence of the death of the life tenant and names the remaindermen.

How to fill out Affidavit As To Termination Of Life Estate Created By Deed / Assignment?

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FAQ

A life estate deed creates a unique balance of ownership between the life tenant (the person living in the property) and the remainderman. The life tenant retains the right to live in the property until death, at which point ownership automatically transfers to the remainderman.

With a standard life estate deed, if circumstances change, the property's original owner?who, again, is often also the life estate holder or life tenant?can reverse or change the life estate deed only with the approval of the remainderman.

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.

Removing a Living Person from a Life Estate If someone (an owner) is alive, they cannot be ?removed? from a deed. Further, a co-owner cannot remove the interests of other owners in an estate by executing a new deed without their consent. There is no direct or indirect way to eliminate any of them from a title.

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.

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Puerto Rico Affidavit As to Termination of Life Estate Created by Deed / Assignment