Posted on: 06th May, 2009 12:28 am
My grandparents had a warranty deed with life estate prepared which states that their property is transferred to me, but that they have a life estate reserved on the property.
What rights does this give me? Does the property become mine once they die? Does this document come before the wills which state all property is to be divided? If so, will I need to file any paperwork with the county in order to make the transfer official?
We reside in Indiana if this makes a difference.
What rights does this give me? Does the property become mine once they die? Does this document come before the wills which state all property is to be divided? If so, will I need to file any paperwork with the county in order to make the transfer official?
We reside in Indiana if this makes a difference.
Hi inlarry,
As your grandparents have life estate on the property, it means that you are the owner of the property but your grandparents will have the rights to stay in the property until death. After their death, you'll become the sole owner of the property. You need to record the deed in order to make the deed official.
Take Care.
As your grandparents have life estate on the property, it means that you are the owner of the property but your grandparents will have the rights to stay in the property until death. After their death, you'll become the sole owner of the property. You need to record the deed in order to make the deed official.
Take Care.
only after death of your grandparent you will get the property provided they do not change the deed inbetween
I know that after the deed was prepared, it was filed with the recorder. I'm just wondering if I need to do further paperwork later? Also, their wills (drafted at same time as the deed) state that everything is to be divided between my uncle and myself. Will this affect the deed at all?
Hi inlarry,
I don't think you need to go for some additional paperwork. In my opinion, if the deed was drafted first, then the property will be divided according to it. It would be better if you could consult an attorney and take his opinion in this regard.
Thanks
I don't think you need to go for some additional paperwork. In my opinion, if the deed was drafted first, then the property will be divided according to it. It would be better if you could consult an attorney and take his opinion in this regard.
Thanks
A will transfers the decedent's property at death. However, since they have transferred the property to you, it is not their property to be transferred by will. They have retained a life estate which allows the possession until they die. You have a "remainder" estate which gives you certain rights. Once they die, both estates merge and you have full title. You don't have to take any further action.
