Fill and Sign the Life Estate 497295544 Form

© 2017 - U.S. Legal Forms, Inc.       ALABAMA LIFE ESTATE DEED [Individual to Two Individuals] Control Number: AL-024-78 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. DESIGNATING HOW THE GRANTEES WILL HOLD THE PROPERTY: A. In the State of Alabama, real property can be held by more than one person (concurrent estates) in the following ways: 1. If the Grantees ARE NOT married to each other, they can hold the property as: a. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size. b. Joint Tenants with the Right of Survivorship ( JTWROS) : is a type of concurrent estate in which co-owners have a right of survivorship , meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. 2. If the Grantees ARE married to each other, they can hold the property as: a. Tenants in Common – See above b. Joint Tenants with the Right of Survivorship – See above 3. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common or Joint Tenants with Right of Survivorship. B. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ C. For example: “as Tenants in Common ,” III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Alabama. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. 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This instrument was prepared by: (Name)       (Address)       Send tax notice to: (Name)       (Address)       LIFE ESTATE DEED [Individual to Two Individuals] State of Alabama County of       KNOW ALL MEN BY THESE PRESENTS, FOR VALUABLE CONSIDERATION OF TEN DOLLARS ($10.00), and other good and valuable consideration, cash in hand paid, the receipt and sufficiency of which is hereby acknowledged, GRANTOR,       , an individual married unmarried, does hereby grant, bargain, sell, and convey unto GRANTEES,       , an individual married unmarried, and       , an individual married unmarried, the following lands and property, together with all improvements located thereon, lying in the County of       , City of       , State of Alabama, to-wit: See Legal Description Attached as Exhibit A incorporated by reference as though set forth in full Legal Description:       Life Estate Deed Page 1 of 2 EXCEPT that, as to all of the above described property, Grantor reserves to himself a life estate, together with the right to use and occupy the same and collect the rents or other income therefrom so long as Grantor shall live. FURTHER SUBJECT TO all encumbrances, liens and other matters of public record and: None AND Grantor does, for Grantor and for Grantor’s heirs, executors and administrators, covenant with said Grantees, their or her heirs and assigns, that Grantor is lawfully seized in fee simple of said premises; that the premises are free from all encumbrances, unless otherwise stated above; that Grantor has good right to sell and convey the same as aforesaid; that Grantor will, and Grantor’s heirs, executors and administrators shall, warrant and defend the same to the said Grantees, their heirs and assigns forever, against the lawful claims of all persons. IN WITNESS WHEREOF, Grantor has hereunto set hand and seal this       day of       , 20       . Grantor       Type or Print Name State of Alabama ,       County I,       , a       , in and (Name of Officer, Notary, etc.) (Position, Office or Rank of Officer) for said county in said state, hereby certify that       , whose (Name of Party Executing Document) name is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he/she executed the same voluntarily on the same day the same bears date. Given under my hand this the       day of       , 20       . ( Signature of Officer)       ( Type or Print Name) My Commission expires:       Life Estate Deed Page 2 of 2 Life Estate Deed Page 3 of 2 EXHIBIT A Grantor:       Grantees:             Legal Description:       Life Estate Deed Exhibit A