What is a Life Estate and is it Legal in Arizona?
Yes, life estates are legal in Arizona. They are governed by Arizona Revised Statutes Title 33, Chapter 2, Article 1.
A life estate is a type of ownership in real property that gives the life tenant the right to occupy and use the property for the rest of their life. Once the life tenant dies, the property passes to the remainderman.
Life estates can be created in a number of ways, but the most common way is through a deed. A deed is a legal document that transfers ownership of real property from one person to another. When a deed is used to create a life estate, the deed will specify who the life tenant is and who the remainderman is.
Life estates can be a good option for people who want to sell their home but still want to be able to live in it for the rest of their life. They can also be a good option for people who want to buy a home but cannot afford to pay the full purchase price upfront.
However, there are some potential drawbacks to life estates. For example, if the life tenant does not take good care of the property, the remainderman may have difficulty selling it after the life tenant dies. Additionally, if the life tenant has financial difficulties, the property could be seized by creditors.
If you are considering creating a life estate, it is important to consult with an attorney to discuss the pros and cons and to make sure that the life estate is structured in a way that meets your needs.