Life estate deeds can help protect a home and avoid probate. However, it is important to understand exactly how the life estate deed works before
committing to it as a took to protect your home.
A life estate is a lifetime interest in property. The interest can be measured by the life expectancy of the individual holding the life interest. Let’s say A owns a home and she wants B to live in that home, but she wants it to pass to her daughter C when B dies and not B’s heirs. A
would give B a life estate interest in the home and make C the “remainderman”. This means that the home would be B’s for life, and when B dies, the home will be solely owned by C or C’s heirs.
The holder of the life estate interest (B) can use and occupy the property. However, they are restricted from selling the property, and can be
liable for laying waste to the property—as explained below.
