My husband and I are on the deed to our home as John Stuart and Gina Stuart, husband and wife. My husbands parents want to pa...
Full Question:
My husband and I are on the deed to our home as John Stuart and Gina Stuart, husband and wife. My husbands parents want to pay off our mortgage, but want to be added to the deed (the reason is to insure him that we wont try to take a home equity out or do anything to cause payments. with him on deed we cant do anything w/out his knowledge) my question is how do we word it so if my in-laws die, the property automatically belongs to us (John and Gina ) without it going to probate or a problem like that? Hes also an only child. What is the proper way to word it and what do we need to do to add them to the deed?
10/09/2007 |
Category: Real Property ยป Deeds |
State: Florida |
#9981
Answer:
A life estate is an interest in real property that allows the life estate holder to posses the property until the death of the life estate person. The person entitled to own and posses the property after the death of the life tenant is known as the remainderman. Upon the death of the life tenant, the interest reverts to the remainderman. The life estate may be used as a means of avoiding probate as to the particular property in which a life estate is held. It does not avoid probate of any other property owned by the deceased.
Please see:
Life EstatesLife Estate Deed
Life Estate Deed
