Products tagged with 'grant of life estate'

Grant a life estate in a residence to your spouse with this free Will Clause. The clause is generic and can be used in wills in many different countries.

Will Clause Granting Life Estate in Residence to Spouse

To hold whatever house and property I may own and be using as a home at the time of my death as a home for my --(husband, wife)-- until --(his, her)-- death or until --(he, she)-- shall in writing advise my Trustee(s) that --(he, she)-- no longer desires to have such property held for --(him, her)--, whichever shall first occur, when the said property shall fall into and form part of the residue of my estate. My --(husband, wife)-- may at any time direct my Trustee(s) to sell such property and with the proceeds of such sale provide another house and property for --(his, her)-- use, occupation and enjoyment, and so on from item to time.

All taxes, insurance, repairs, mortgage interest and any other charges or amounts necessary for the general upkeep of the said property while it is held for my --(husband, wife)-- shall be paid by my Trustee(s) out of my general estate, and I will and declare that my Trustee(s) may in --(his, her, their)-- uncontrolled discretion make such payments or any of them out of the capital or income or in such proportions as --(he, she, they)-- think(s) fit.

Grant a life estate to a family member (such as a parent) to reside on property you own with this Nova Scotia Occupancy Agreement.

• The owners of the property grant give one or more persons the right to reside in the premises for as long as they live - this is called a life interest or life estate.
• The occupants are only given a lifelong right to reside in the property, they do not have any right of ownership, and there is no transfer of title to the property.
• Available in MS Word format.
• Intended to be used only in the Province of Nova Scotia, Canada.

If you and your partner own property as tenants in common, you'll need to grant a life estate to your partner to make sure the property doesn't become part of your estate when you die.

• Unlike joint tenancy ownership, which transfers title to the survivor upon the death of one of the joint tenants, any real property owned as tenants in common will become part of your estate and be disposed of under your will.
• A life estate is a way of designating who you want to give the property to when you die, but leaving you the right to continue to live in the property during your lifetime.
• Under this Mutual Grant of Life Estate, each tenant in common grants the other a life estate in the property.
• Each party agrees to contribute equally to mortgage payments, maintenance costs and expenses related to the property.
• Each party indemnifies the other against claims and damages.
• Upon the death of one of the parties, title to the property will transfer to the survivor.
• Keep your property out of your will and make sure it goes to the right person after you die.
• Available in MS Word format.
• Intended to be used only in Canada.