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Quitclaim Deed of Life Estate Interest Created Under A Will...

Philadelphia Pennsylvania Quitclaim Deed of Life Estate Interest Created Under A Will, to the Remainderman

Name: Philadelphia Pennsylvania Quitclaim Deed of Life Estate Interest Created Under A Will, to the Remainderman
Brand: US Legal Forms
Rating: 4.7 (431 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

County:

Philadelphia

Control #:

US-OG-065

Format:

Instant download

Description

It is not uncommon for a will to provide that a person be devised a life estate interest in mineral or royalty interests, and on the death of that person, the remainder of the interest to pass to another party. This deed form provides for the owner of a life estate, devised under a will, to quit claim that life estate interest to the owner of the remainder interest.

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FAQ

A life estate is a form of joint ownership that gives a person (the life tenant) ownership rights in property during their lifetime. But when the life tenant dies, the remainder interest in the property goes to the beneficiary, also known as the remainderman.

A remainder is a future interest in land. It is the right to own and possess the land after the fixed interest of current holder expires. Thus, a remainder can follow a life estate or a term of years. It is created by the use of the phrase "then to" or similar language.

A remainder interest is a future interest a person has in an asset. A remainderman can exercise their right to use and hold property in a trust, but first, the trust must be dissolved. The life tenant can sell inherited property with the remainderman's consent.

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.

The holder of a remainder interest is called a remainderman. If no remainder estate is established, the estate reverts to the original owner or the owner's heirs. In this situation, the original owner retains a reversionary interest or estate.

Under what kind of interest does the property return to the heirs of the original owner who has died? The deed conveys all right, title, and interest of the defaulted taxpayer, including the right to use and possess the property.

Fee simple is the highest form of ownership it means the land is owned outright, without any limitations or restrictions other than local zoning ordinances.

A life interest is created as a term in your will. It creates a trust where your executors retain legal control of your asset whilst the asset can be used by a beneficiary of the estate during their life. A common asset used for a life interest is the family home.

A life estate is a type of property ownership, typically established by a deed, which is often used to avoid probate and immediately transfer property to an heir, or remainderman, at the time of death. The remainder is the future interest conveyed to the remainderman in the deed.

Philadelphia Pennsylvania Quitclaim Deed of Life Estate Interest Created Under A Will, to the Remainderman

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FAQ

Is a life interest the same as a life estate?

What is a remainder in a life estate?

What is remainderman interest?

What are the two types of interest in a life estate?

When a remainder estate is involved what owner interest is involved?

What is an estate remainder?

Under what kind of interest does the property return to the heirs of the original owner who has died?

What is the highest form of ownership?

What is a life interest clause in a will?

What is the difference between a life estate and a remainder interest?

Interesting Questions

What is a Quitclaim Deed of Life Estate Interest?

What does it mean to create a life estate interest under a will?

Who is the remainderman?

Is a Quitclaim Deed of Life Estate Interest irrevocable?

What are the rights of the life tenant?

Can the life tenant be removed from the property?

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