Canada Grant of Life Estate in Property
If you and your partner own property as tenants in common, you'll need to grant a life estate to your partner to make sure the property doesn't become part of your estate when you die.
- Unlike joint tenancy ownership, which transfers title to the survivor upon the death of one of the joint tenants, any real property owned as tenants in common will become part of your estate and be disposed of under your will.
- A life estate is a way of designating who you want to give the property to when you die, but leaving you the right to continue to live in the property during your lifetime.
- Under this Mutual Grant of Life Estate, each tenant in common grants the other a life estate in the property.
- Each party agrees to contribute equally to mortgage payments, maintenance costs and expenses related to the property.
- Each party indemnifies the other against claims and damages.
- Upon the death of one of the parties, title to the property will transfer to the survivor.
Keep your property out of your will and make sure it goes to the right person after you die with this Mutual Grant of Life Estate form for properties in Canada.
Last Updated: 14-April-2016