A Lakewood Colorado Warranty Deed for Parents to Child with a Reservation of a Life Estate by the Parents is a legal document that allows parents in Lakewood, Colorado to transfer ownership of their property to their child while reserving the right to live on the property for the duration of their lifetime. This type of deed ensures that the child will inherit the property upon the parents' passing, while also providing the parents with the security of retaining the right to occupy and use the property until their death. Keywords: Lakewood, Colorado, Warranty Deed, Parents, Child, Reservation, Life Estate, Property, Ownership, Inherit, Passing, Security, Occupy, Use, Death. Different types of Lakewood Colorado Warranty Deed for Parents to Child with a Reservation of a Life Estate by the Parents may include: 1. Joint Tenancy with the Right of Survivorship: This type of deed allows both parents to jointly transfer their property to their child while reserving a life estate for both of them. It ensures that upon the passing of one parent, the surviving parent continues to enjoy the right to live on the property for the remainder of their life. Once both parents have passed away, the child becomes the sole owner of the property. 2. Tenancy in Common: In this type of deed, parents can transfer their property to their child as tenants in common. Each parent retains a specific share of the property, which can be equal or unequal. Through a reservation of a life estate, both parents are granted the right to live on the property until their death. After their passing, their respective share of the property is inherited by the child. 3. Enhanced Life Estate Deed (Lady Bird Deed): This is a special type of warranty deed that provides the parents with additional powers during their lifetime. They can sell, mortgage, or even revoke the reservation of a life estate without the child's consent. However, this deed ensures that the child automatically inherits the property upon the parents' passing without the need for probate. 4. Life Estate with Remainder Interest: This type of warranty deed allows parents to convey the property to their child as a life estate, enabling them to live on the property until they die. However, unlike other deeds, the parents also name a remainder beneficiary (a person or entity) who will inherit the property upon the parents' death. This remainder interest holder must be explicitly stated in the deed. In conclusion, a Lakewood Colorado Warranty Deed for Parents to Child with a Reservation of a Life Estate by the Parents provides a legal framework for parents to transfer their property to their child while retaining the right to live on the property until their death. Various types of deeds, such as Joint Tenancy, Tenancy in Common, Enhanced Life Estate Deed, and Life Estate with Remainder Interest, allow for different arrangements and provisions depending on the specific needs and preferences of the parents and child involved.
Lakewood Colorado Warranty Deed for Parents to Child with a Reservation of a Life Estate by the Parents
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