My question involves real estate located in the State of: Oklahoma
My understanding is that once a life estate is created, the only way to terminate a life estate is either by 1. death of the life tenant and/or 2. filing of an affidavit in which the life tenant appears and formally terminates the life estate. My question is this:
Can a life estate be terminated by filing of a Warranty Deed in which the life tenant appears and conveys to another party (assuming that the only interest owned at the time of the conveyance is a life estate interest)? Is there specific language that must be present within that deed (i.e.....all my right, title and interest...) in order to accomplish this? Or would an instance such as this be considered a conveyance of the life estate; hence, the termination of the interest of the life estate owner?
Also, can a life estate be owned by an entity such as a trust?