if i quitclaim deed my house to my life partner can we have a separate legal binding contract for ,me to live in the house as long as i live
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if i quitclaim deed my house to my life partner can we have a separate legal binding contract for ,me to live in the house as long as i live
Asked on June 25, 2009 under Real Estate Law, Missouri
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
You can have what is known as a "life estate". A life estate is the right to occupy, possess or otherwise use a real property during one's life time. The right in the property exists so long as the right holder ("life tenant") is alive. After his or her death it reverts to the title holder ("remainderman") listed in the deed or life estate agreement. Because a life estate ceases to exist at the death of the life tenant, it cannot be left to heirs or devisees, and the life estate cannot normally be inherited. At death, the property involved in a life estate typically falls into the ownership of the remainderman.
As noted above, this transfer can be accomplished through wording in a deed or by seperate agreement. It is recommended that either the quitclaim deed or the life estate agreement be recorded.
A life estate it is often times used for estate planning purposes but it's creation can have possible other legal and tax implications. You should really consult with an attorney in your area regarding all of this.
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