legal term for putting your home in childs name and allowed to live there until death?

Answer 1

It's called a life estate, which is a term used in common law to describe the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death. The owner of a life estate is called a "life tenant".

There's a listing in wikipedia - check it out.

Answer 2

Life Estate n. the right to use or occupy real property for one's life. Often this is given to a person (such as a family member) by deed or as a gift under a will with the idea that a younger person would then take the property upon the death of the one who receives the life estate. Title may also return to the person giving or deeding the property or to his/her surviving children or descendants upon the death of the life tenant--this is called "reversion." Example of creation of a life estate: "I grant to mother, Molly McCree, the right to live in and/or receive rents from said real property, until her death," or "I give my daughter, Sadie Hawkins, said real property, subject to a life estate to my mother, Molly McCree." This means a woman's mother, Molly, gets to live in the house until she dies, then the woman's daughter, Sadie, will own the property.


Just be careful b/c you could end up getting you or your relative nailed with a gift tax. Read this for more info:
http://www.thinkglink.com/Life_Estate_On_Home.htm

Answer 3

Placing your home in a child's name (a minor) is very bad business. Check with a good estate attorney...not with Yahoo Answers.

Answer 4

Who pays property State Taxes?

Answer 5

Check out the tax implication with an accountant before you try this

Answer 6

life estate

Answer 7

beneficiary..............