| Author |
Message |
|
|
 inlarry4
Joined: 06 May 2009
Posts: 1
1.70 Dollars($)
|
 Posted: Wed May 06, 2009 12:28 am Post subject: Warranty deed question |
|
|
My grandparents had a warranty deed with life estate prepared which states that their property is transferred to me, but that they have a life estate reserved on the property.
What rights does this give me? Does the property become mine once they die? Does this document come before the wills which state all property is to be divided? If so, will I need to file any paperwork with the county in order to make the transfer official?
We reside in Indiana if this makes a difference. |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
|
| Posted: Wed May 06, 2009 1:37 am Post subject: |
|
|
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. |
|
|
sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
|
| Posted: Wed May 06, 2009 7:45 am Post subject: |
|
|
| only after death of your grandparent you will get the property provided they do not change the deed inbetween |
|
|
inlarry
Guest
|
| Posted: Wed May 06, 2009 10:36 am Post subject: |
|
|
I know that after the deed was prepared, it was filed with the recorder. I'm just wondering if I need to do further paperwork later? Also, their wills (drafted at same time as the deed) state that everything is to be divided between my uncle and myself. Will this affect the deed at all?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
| Posted: Wed May 06, 2009 8:52 pm Post subject: |
|
|
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 |
|
|
jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
|
| Posted: Thu May 07, 2009 7:19 am Post subject: |
|
|
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.
_________________
Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
|
|
