What Are Life Estate Deeds in Maryland?

In the state of Maryland, a property owner can designate beneficiaries on real property by preparing a Life Estate Deed. This is an effective way to avoid probate and retain tax benefits. There are two types of Life Estate Deeds.

A Life Estate Without Powers is a deed whereby the property owner (or Grantor) becomes what’s called a “Life Tenant” and retains exclusive rights to the enjoyment of the property, whether they reside in the property or not, during their lifetime. The Grantee (or Remainderman) will become the property owner after the Life Tenant has passed. Any changes to the deed (such as selling or gifting the property) will require signed consent from the Remainderman.

A Life Estate With Powers deed, by contrast, places no restrictions on the property owner during their lifetime. In other words, they may do whatever they like with the property without the consent of the Grantees.

For a free, confidential conversation to discuss estate planning, including the transferring of a deed, contact Maryland property law attorney Stephen J. Reichert at 410-299-4959 or sreichert@reichertlegal.com or by clicking here.

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