The use of a Life Estate for Real Estate~Transfers the Property outside of Probate and Protects Heirs in case a Widowed Parent Remarries in Later Life... Act of Remarrying can seriously change how an estate is distributed...Much to the dismay of adult children from prior marriages.
There are no Dower Rights in the Life Estate So the "New Wife" has no claim to the Property...which is really only a "Life Lease" on the Property ending at Death...
A Life Estate has to be established before Death or Any Remarriage and there are several scenarios where it can be a disadvantage, For Example if your child Goes Bankrupt before you Die...So Consult your Attorney or Accountant for these situations...
Some states allow a "Lady Bird Deed" which gives even more freedoms to transfer property before death to Grantor
But be advised that Attorneys Love to Set Up Wills and Trusts because they pay bigger fees...
Whereas a Life Estate is set up with a simple & cheap warranty deed... So Don't Be Talked into a Will or Trust if you don't need one...
State Laws differ so some research or advice is recommended...
