Legal Question in Real Estate Law in Pennsylvania
life lease
My husband and I are building a house on a piece of property that my son owns. We wish to live there for the duration of our life and when we are deceased we wish to have the house turned over to him. What kind of paperwork do we need to have and can we do this type of paperwork ourselves. Is their a form we can fill in for this?
1 Answer from Attorneys
Re: life lease
I am a recent member of the Guru network, so I just received this posting.
There are three ways to accomplish your goal. First, your son can deed the property to you and himself with the reservation of a life tenancy. Second, he can deed the property to himself and you providing that it is owned as joint tenants with the right of survivorship. That means that, when you pass away ( a very long time from now) your son will automatically become the owner with no other paperwork. Third, you can enter into a lease for life..
There may be tax implications to whatever option is chosen. You should consult an estate attorney to assure you elect the best option and to properly draft the documents..
I trust this has been helpful, but feel free to call or e-mail with further questions.
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