This is a warranty deed from parent(s) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
West Virginia Warranty Deed to Child Reserving a Life Estate in the Parents
State:
West Virginia
Control #:
WV-021-77
Format:
Word;
Rich Text
Instant download
Description
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How to fill out West Virginia Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
When a person dies, beneficiaries might learn that the decedent made a deed that conflicts with the specific wording in his will. Generally, a deed will override the will. However, which legal document prevails also depends on state property laws and whether the state has adopted the Uniform Probate Code.
The person holding the life estate -- the life tenant -- possesses the property during his or her life. The other owner -- the remainderman -- has a current ownership interest but cannot take possession until the death of the life estate holder.
A life estate deed involves the transfer of ownership from your name to someone else. Although you are no longer the owner of the property, you have the legal right to reside in the property for as long as you live.
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
A life estate deed allows you to transfer property while reserving an interest during your lifetime or during the lifetime of someone else. Once the person who holds the life estate passes away, the Grantee fully owns the property.
A life estate gives a person the right to live on or use property during the life estate owner's lifetime or until his or her death. Someone else is the full owner of the property. The person only has an ownership interest in the property as long as he or she is alive.
The two types of life estates are the conventional and the legal life estate. the grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.
Reservation of the present interest allows the owner to retain ownership for a period of time measured by the life of one or more individuals, by a term of years, or by a combination of the two.