Q: Changing deed rights?
I am looking for information regarding the removal of a statement in my deed that my grandmother (Grantor) would now like to have removed. The following is what she is wishing to have removed. "Reserving unto the Grantor a life estate in the within described property." This deed was done in 2004 with ownership being transferred to me. Is this something that can be done? When this was originally done, my children were much younger and now she feels it is worth removing the life estate since they are adults and she would want them to have the property if something would happen to me since we are blessed and she is stronger than ever.
A: The actual process of removing the life estate is fairly simple (for an experienced real estate attorney, anyway), but it should not be done without legal advise as to income tax, property tax and other implications, such as the effect this might have on Medicaid pre-planning.
A: Your grandmother really should engage the services of an attorney knowledgeable in both estate administration and real estate, which shouldn't be too hard to find since these two areas of practice areas frequently overlap. I wouldn't think this would be costly
Kathy Bloom agrees with this answer
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