What is a life estate deed and how does it work?

A life estate deed is a legal document that grants a person (known as a "life tenant") the right to occupy and use property for the duration of their life. The life tenant has no ownership rights to the property and does not have any right to leave the property to anyone in their will. In Washington, a life estate deed allows the life tenant to use the property and make improvements to it, but the ownership of the property does not transfer. Instead, the deed specifies who will get the property after the death of the life tenant. This would typically be a blood relative of the life tenant or a person designated in the deed. The life tenant has certain rights to the property as long as they are alive, but they cannot transfer it or leave it to someone else. They also cannot sell or mortgage the property. The life tenant may be responsible for the property taxes, upkeep, and other expenses related to the property. When the life tenant dies, the ownership rights to the property will go to the designated beneficiary. The deed should specify what rights the beneficiary will have to the property. Life estate deeds are a common tool used in Elder Law in Washington, as they can help senior citizens protect and save their assets in the face of high medical costs and other expenses. Such deeds help ensure that the assets remain in the family and are properly taken care of.

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What is a life estate deed and how does it work?

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