Legal Site - Online Services Division of McKimmey Law Office, Shawnee, Oklahoma. Legal forms, documents and pleadings for use in Oklahoma.




McKIMMEY LAW OFFICE, P.C.
24 E. Highland
Shawnee, Oklahoma 74801
Telephone: 405-275-3564
Fax: 405-225-7635

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TERMINATION OF LIFE ESTATE

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[ home ] [ Amortization Schedule ] [ Certificate of Incorporation ] [ Divorce - Waiver Set ]
[ Contract For Deed ] [ Deed Preparation ] [ Termination of Joint Tenancy ] [ Termination of Life Estate ]
[ Transfer on Death Deed ] [ Medical Authorization for Care of Minor ] [ Change of Name ]
[ Power of Attorney ] [ Pre-Nuptial Agreement ] [ Promissory Note ]
[ Release of Mortgage ] [ Release of Judgment ] [ Vacate Divorce Decree ]

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Q. - What is LIFE ESTATE ?
A. - 'Life Estate' is an estate in property, held by the owner of the Life Estate only for life.

The Owner of the fee simple to the property is vested in other person(s) who own it subject to the right of the owner(s) of the Life Estate(s) to occupy and possess the real estate for the term of his/her/their life.

More than one person may own an interest in the same property for their respective lifetimes. These are all called Life Tenants.

The remaindermn is the person(s) that will acquire full ownership of rhe property on the death of all of the Life Tenants.

A Life Estate is most commonly created by the owner(s) of real estate conveying their interest in real estate to other(s), but reserving themselves a life estate" on the face of the deed.

Most commonly this would be a conveyance between elderly parents and a child or children. To many this may be used to avoid probate on their home. i.e. whule they want to insure they don't lose their home, they want to go ahead and give it to the kids during their lifetime.

A Life Estate in real estate may also be created by a direct deed of a life estate which names another person as remainderman i.e. the person(s) who will own the property upon the death of the onwner of the Life Estate.

A Life estate may also be created or given by will or trust.

Upon the death of all the Life Tenants rhe property passes to the remainderman named in the instrument creating the Life Estate.

Property held in Life Estate is not a part of the 'probate estate of the deceased Life Tenant(s), and not subject to normal claims of creditors of deceased. See - FAQ - Pre-Nuptial Agreements - Ante Nuptial

stop - Caveat: - Life Estate is a good estate planning tool - but whenever you put someone else's name on title to your property, be absolutely sure you know the full legal consequences. You should consult with your attorney to determine whether whether a 'Life Estate' does what you want and expect it to do.
stop - Creation of a 'Life Estate' is irrevocable without the 'consent' of the Owner of The Life Estate.

stop - Neither the remainderman nor the Life Tenant may sell or mortgage the real estate without the 'consent' of the Otherwner of The Life Estate.


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If you want to deed the property to someone, and make the deed take effect only upon your death - yet maintain full contol over it - and maybe even change your mind & revoke the transfer - you may want to look at a Transfer on Death Deed



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Q. - What if the Owner of a LIFE ESTATE Dies?

The primary reason for reserving or granting a Life Estate in Real property is for the simplicity of passing title of the real estate to the remainderman in the event of the death of the life tenant.

  • Property in which a person only hold a Life Estate is not a Part of the probatable estate of the Owner of the Life Estate

  • Life Estate Property is not subject to the payment of the debts of the deceased Owner of The Life Estate.

  • Life Estate property is free of claims of the other heirs of the Deceased owner of a Life Estate..

  • Proving the Termination of the Life Estate by the Death of One of the owners of a Life Estate in real estate is a simple procedure.

In Oklahoma the procedure is provided in 58 O.S., Section 912

Simply file an Affidavit of the death of the deceased Owner of The Life Estate and a copy of the death certificate in the Office of the Clerk of the County where the real property is located.




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We Prepare

Original and One Copy of Affidavit of Termination of Life Estate


We Also Provide

Complete instructions for recording your completed Affidavit of Termination of Life Estate.

Our Charge for the Service is $85.00

( Your Costs For Recording Will be Approximately $20.00 )






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Information About Deed Creating Life Estate:
Enter All Information Exactly as on Shown on Deed


What Kind of Deed Created Life Estate?

- Warranty Deed
- Quit Claim Deed
- Sheriff's Deed


If Other Than Above Please State Kind of Deed -
Exactly As It Appears on Deed That Created Life Estate



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County & State Where Real Estate Is Located

County - State -


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Legal Description of Property -
Exactly As It Appears on Deed That Created Life Estate



First Owner On Deed
Second Owner On Deed
Date of Deed
County Where Deed Recorded
Book Where Deed Recorded:
Page Where Deed Recorded



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Information About Deceased Life Tenant:
Enter All Information Exactly as on Shown on Death Certificate

Deceased as Shown on Deed
Deceased as Shown on Death Certificate
Date of Death
Relation to Remainderman
County & State of Death:



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Send Completed Affidavit To:

Full Name - First, Middle, Last:
Mailing address:
Street address or P.O. Box:
City:
State or Province:
Zip or Postal Code:
County:
Telephone:
Fax:
E-mail address:



Please Scroll Page to Be Sure the Information is Correct

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Other Services Now Offered

[ home ] [ Amortization Schedule ] [ Certificate of Incorporation ] [ Divorce - Waiver Set ]
[ Contract For Deed ] [ Deed Preparation ] [ Termination of Joint Tenancy ] [ Termination of Life Estate ]
[ Transfer on Death Deed ] [ Medical Authorization for Care of Minor ] [ Change of Name ]
[ Power of Attorney ] [ Pre-Nuptial Agreement ] [ Promissory Note ]
[ Release of Mortgage ] [ Release of Judgment ] [ Vacate Divorce Decree ]


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McKimmey Law Office, P.C.
Wills - Probate - Real Estate - Civil Rights
Pre-Nuptial Agreements
Common Law Marriage
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1955




4/22/12