For many people, their home is one of their most valuable assets. A life estate deed can be a useful estate planning tool for homeowners who want to make plans for what will happen to their property in the future.

With a life estate deed, you can name the person or people who will inherit your home while still keeping the right to live in and use the property for the rest of your life.

The person who keeps the right to use the home is known as the life tenant. During their lifetime, the life tenant can continue living in the property and generally remains responsible for expenses such as the mortgage, property taxes, utilities, and home repairs.

The person who is named to receive the property after the life tenant passes away is known as the remainderman.

For some families, a life estate deed can also help simplify the estate process. If your home is your primary asset and your other accounts, such as IRAs or bank accounts, already have named beneficiaries, a life estate deed may allow the home to pass directly to the person you have chosen without going through probate.

Every estate plan is different, so it is important to determine whether a life estate deed makes sense for your specific situation.

The Law Offices of Debra Thomas can help you explore your estate planning options and create a plan that reflects your wishes while helping make things easier for the people you care about.