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That is, a life estate owner cannot give complete and indefinite ownership to another person because the life tenant's ownership in the property ends when the person who is the measuring life dies. For instance, if Ashley conveyed to Bob for the life of Bob, and Bob conveys a life estate to another person, Charlie, for Charlie's life [an ...
The Rule in Shelley’s Case provides that a conveyance which attempts to give a person a life estate, with a remainder to that person's heirs, will instead give both the life estate and the remainder to that person. Absent an intervening vested future interest, the life estate and the remainder will merge and the conveyance gives that person ...
A life estate is a form of freehold estate, and the life tenant is guaranteed the use of the property for their lifetime (sometimes called a life estate "pur sa vie," which means "for his own life").
In property law of countries with a common law background, including the United States and some Canadian provinces, pur autre vie (Law French for "for another['s] life") is a duration of a proprietary freehold interest in the form of a variant of a life estate.
Here are the things you need in an estate plan, including one element that can provide more flexibility and help settle your estate more quickly. 7-step checklist for estate planning
“With a life estate, the baby boomer retains the right to use and reside in the property until their passing, after which the heir assumes ownership,” said Uphomes owner Ryan Fitzgerald, who ...