Fill and Sign the Release of Life Estate Form

© 2016 - U.S. Legal Forms, Inc. WISCONSIN RELEASE OF LIFE ESTATE[Individual to Nine Individuals] Control Number: WI-029-77 I. TIPS ON COMPLETING THE FORMSThe 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 Wisconsin, 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 aboveb. Joint Tenants with the Right of Survivorship – See abovec. Marital Property - a form of joint ownership of property between married individuals. When a married co-owner dies their share goes to their heirs as provided in their will or the laws of intestacy.d. Marital Property with the right of survivorship - a form of joint ownership of property between married individuals. When a married co-owner dies their share goes to the surviving spouse.3. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with Right of Survivorship; marital property or marital property with the 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. DISCLAIMERThese materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Wisconsin. 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HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Quitclaim Deed Page 1 of 1 Document Number RELEASE OF LIFE ESTATE Recording Area Name and Return Address: THIS RELEASE , made between ,(Grantor), and , , , , , ,and (Grantees).Grantor, in consideration of the sum of $ , quitclaims, releases and discharges to Grantees any and all interest Grantor might have in the life estate created by a certain document or instrument dated and which is of record at Document No. , Volume No. , and Page No. , of the records maintained by the Register of Deeds for the County of , Wisconsin, relating to that certain parcel of real property more particularly described as: See attached Addendum A, incorporated herein as though set forth in full Legal Description: Parcel Identification Number (PIN) This is homestead property.Signature of GrantorType Name: AUTHENTIFICATION ACKNOWLEDGEMENT Signature(s) State of Wisconsin. County of __________________authenticated on .Personally came before me on the above named Type Name: TITLE: MEMBER OF STATE BAR OF WISCONSINto me known to be the person(s) who executed the foregoing (If not, instrument and acknowledged the same.authorized by Wis. Stat. § 706.06)THIS INSTRUMENT DRAFTED BY: Type Name: Notary Public, State of Wisconsin My commission (is permanent) (expires .) (Signature may be authenticated or acknowledged. Both are not necessary.) Quitclaim Deed Exhibit A ADDENDUM A Grantor: Grantees: Legal Description: