What is a life estate?

A life estate is part of the estate planning process, and essentially means you are signing away partial ownership of your home to a beneficiary who will help pass the property onto your children or grandchildren. In the interim, you continue to live in and enjoy your home for years to come. When you come to the end of your life, the property transfers to the beneficiary named in your life estate. It is an early gift that you give to someone else to make the transfer happen quickly and easily. There will be no need for other legal documents or processes, such as a will or probate, for example.

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