How to File a Life Estate Deed in Virginia
The beneficiary of a life estate enjoys all of the rights and benefits of home ownership during his lifetime. He possesses the property as a "life tenant", and when he passes away, the property is not passed on to his heirs, but rather it is transferred back to the grantor who gave him the life estate interest to begin with. In many cases, the grantor and the individual who holds a life estate are one in the same. This is done so that when the "life tenant" passes away, so does his interest. The remainder interest remains in the individual who shared title with him. In Virginia, many residents use life estate deeds as a part of planning their estates because it can reduce their probate costs.
Other People Are Reading
Instructions
-
-
1
Locate the original or a copy of your vesting deed. If you cannot locate it, or it's been lost, go to the county clerk or registrar's office, or check online to see if the clerk's website offers online searching. If it does, begin your search by locating the name or grantor/grantee search fields. Enter your name as required by the website. Click "Enter." Print out a copy of the deed, if possible, and review all of the information to be certain that it is correct. If online searching is not available, go in person to the county and pay for a copy of the deed.
-
2
Obtain a blank quit claim deed from an office supply store, an online source, or from the county clerk's office. Using your existing deed as a guide, enter your name under the "grantor" or "seller" portion of the blank deed. If you own the property with a spouse, fill in her name after yours, followed by your marital status and then the life estate verbiage after your marital status. For example, if your names are Robert Taylor and Rebecca Taylor and you are conveying the property to your daughter Elizabeth Taylor, the names will read "Robert Taylor and Rebecca Taylor, husband and wife to Robert Taylor and Rebecca Taylor, husband and wife as to a life estate, and Elizabeth Taylor, as to the remainder." What will happen is that after both you and your spouse pass away, the property will pass on to your daughter, without the necessity of going through probate.
-
-
3
Sign the deed in the presence of a notary public and file the deed with the clerk of courts or registrar of deeds for the county where the property is located.
-
1
Tips & Warnings
Life estate deeds may have certain tax implications. It is recommended to consult a tax accountant, lawyer or financial planner before attempting to file a life estate deed in Virginia.
References
Resources
- Photo Credit Jupiterimages/BananaStock/Getty Images
