Many Massachusetts homeowners use “life estate” deeds for different reasons. Some use them as a general estate planning tool. Others frequently use them as a way to “keep the nursing home from getting their house.” In this post, we’ll talk about “life estate” deeds and some of the pros and cons of using them.
What is a massachusetts life estate deed?
A life estate involves real estate. In basic terms, a life estate is when two or more people each have ownership in a piece of real property, but they have it for different periods of time. The person who holds the “life estate” has ownership of the property for the rest of their life. They get to use, occupy and get income from the property while they are living. This person is called the “life tenant.”