Get Warranty Deed for Transfer of Life Estate

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Prepared by U.S. Legal Forms, Inc. Copyright 2016 U.S. Legal Forms, Inc.STATE OF SOUTH CAROLINALIFE ESTATE DEED [Transfer of Life Estate Individual to Individual] Control Number SC SDEED 89 Page
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FAQ

South Carolina does not allow real estate to be transferred with transfer-on-death deeds.

If you'd like to avoid having your property going through the probate process, it's a good idea to look into a transfer on death deed. ... The beneficiary will have no right to your property while you're alive and, if you own your home jointly, the transfer on death deed does not apply until all the owners have died.

Assets placed in a living trust can avoid probate, but it's far simpler and less expensive to simply transfer the property by beneficiary deed, also called a transfer-on-death deed, if you live in a state that recognizes this option. ... Your beneficiary has no legal right to it until your death.

With a properly recorded Transfer on Death Deed, no probate is needed to transfer the real property. If you don't have a will or a Transfer on Death Deed, your real estate must go through the probate court and your property will pass to your heirs according to Texas law.

Get a Deed Form or Prepare Your Own. You can buy a state-specific TOD deed form for your state at www.Nolo.com or type up your own document. ... Name the Beneficiary. ... Describe the Property. ... Sign the Deed. ... Record the Deed.

Fails to Avoid Taxation: TOD deeds are subject to property taxation just the same as property included in a will or other transfers of real property. Property Not Protected from Owner's Debts: While the beneficiary's creditors cannot touch the property, the owner's creditors certainly can.

You keep complete ownership of and control over the property while you're alive. You pay the taxes on it, and it's not protected from your creditors. You can sell it, give it away, or mortgage it. Because the TOD deed does not make a gift of the property, there's no need to concern yourself with federal gift tax.

Because transfer-on-death beneficiary deeds do not become effective until you pass away, someone can challenge the validity of the deed after you die. For example, someone can aruge that you lacked capacity to create a valid deed. Or, beneficiaries and family members can sue each other to take the property entirely.

Get a Deed Form or Prepare Your Own. You can buy a state-specific TOD deed form for your state at www.Nolo.com or type up your own document. ... Name the Beneficiary. ... Describe the Property. ... Sign the Deed. ... Record the Deed.

As with the defeasible fees, a life estate can be sold or transferred to a third party. However, since a holder cannot transfer more than he or she owns, the buyer or recipient will have to surrender the land upon the death of the person who was the measuring life for the original life estate.