Benefits and Cons of a Life Estate

Benefits and Cons of a Life Estate

If you’re thinking about buying a home, but don’t want to deal with the financial burden of a mortgage in the future, consider purchasing a life estate. A life estate deed gives partial ownership of a property to an heir when the parent who set up the trust passes away. This is especially useful for couples who want to live together but don’t want marriage or for people who have passed away and left behind debt.

Complete control over home

A life estate gives you complete control over a home. If you own a life estate, no one can sell, rent or change the property without your permission. You can live in the home as long as you want to and have complete control over its upkeep and maintenance.

This type of ownership also means that if any disputes arise between co-owners (such as when one person wants to sell …

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