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curious4913
Level 3

When does the remainder-man becomes the legal owner - on the day of deed or day of death of donor/grantor/life tenant?

n piece county WA - if a son transfer his free and clear ownership of his home to his senior citizen mother as a gift but retains life estate in the deed..---

The mother (grantee) becomes the legal owner the same day or she becomes the owner day after the death of his life tenant son?(grantor)

In other words - son becomes judgment proof on the day of deed(he does not have other assets) or he is still considered the owner until his death and people/lawyers can sue him for civil damages ?

What are the advantages and disadvantages of retaining life estate vs free and clear transfer deed as gift

3 Replies
Anonymous
Not applicable

When does the remainder-man becomes the legal owner - on the day of deed or day of death of donor/grantor/life tenant?

these seem to be a legal questions.  consult a lawyer.  

tagteam
Level 15

When does the remainder-man becomes the legal owner - on the day of deed or day of death of donor/grantor/life tenant?


@curious4913 wrote:
In other words - son becomes judgment proof on the day of deed(he does not have other assets) or he is still considered the owner until his death and people/lawyers can sue him for civil damages ?

As @Anonymous wrote, consult a lawyer. 

 

If Washington has adopted the Uniform Fraudulent Transfer Act (and I believe it has done so), then a gratuitous transfer of property with the actual intent to hinder, delay, or defraud any creditor can ultimately be voided. You need an attorney to guide you through this scenario.

curious4913
Level 3

When does the remainder-man becomes the legal owner - on the day of deed or day of death of donor/grantor/life tenant?

You are assuming ..there is no creditor or anything...Son is being proactive ...that if something happens in future ...and he does not have assets he will be judgement proof...this transfer will be invalid if something happens after the transfer for example accident?

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