Property Ownership
A Kentucky property owner who wants to leave their real property to their children while retaining the right to live there during their lifetime should create a:
ARevocable living trust
BLife estate✓ Correct
CJoint tenancy
DTenancy in common
Explanation
A life estate allows the grantor (life tenant) to retain the right to use and possess the property during their lifetime, while the remainder interest (ownership after the life tenant's death) passes to the children (remaindermen). This avoids probate for the property.
Related Kentucky Property Ownership Questions
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- Which type of deed provides the greatest protection to the grantee?
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