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In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
Those diverging opinions can create big challenges. An expert real estate attorney and a real estate agent with experience in selling inherited or probate properties should be essential members of ...
The property in a life estate pur autre vie can be sold, mortgaged or leased by the life tenant to another person with the approval of the third person or beneficiary. Two Issues: Reversion and ...
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the ...
The law assumes that future property is of no benefit to the life tenant, and thus must be sold to obtain income producing investments. The proceeds of sale are apportioned between the life tenant and the remainderman by using the formulae set out in Re Earl of Chesterfield's Trusts (1883) 24 Ch D 643.
A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust.