How is a Lady Bird deed different from a traditional life estate deed?
What will be an ideal response?
A traditional life estate deed makes a person a life tenant and others the remaindermen who own the property upon the death of the life tenant. Because the remaindermen’s interests vest immediately, if the life tenant wants to sell the property or even mortgage the property, he will need the consent of the remaindermen. With a Lady Bird, or what is often called a transfer-on-death deed, the life tenant maintains all control of the property during life. The life tenant can mortgage or sell the property without the consent of the remaindermen. Additionally, the life tenant retains the right to revoke the remaindermen’s interests with another writing as long as it is recorded in the land records.
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A releaseshould include .
A. the identitiesof the parties B. the action that gives riseto the claim C. considerationfor release D. all of the above
Which is NOT a way in which an estate planner can use trusts to benefit family members??
A. ?Identify the estate assets and the beneficiaries who are to receive them. B. ?Diminish problems such as will contests. C. ?Reduce federal and state death taxes. D. ?Avoid probate.
If you want the expert to give you an opinion, you can file a(n) _________________
Fill in the blank(s) with correct word
The law of the state where a contract is signed generally controls enforcement of a real estate contract.
Answer the following statement true (T) or false (F)