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The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
Once the lesser estate comes to an end (the lease expires or the life estate tenant dies), the property automatically reverts (hence reversion) back to the grantor. [1]
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...
On the life tenant's death, the trust comes to an end, and the capital of the trust is paid to another person, known as the remainderman, as specified by the trust document. One form of life interest is a life estate , an ownership interest in property that lasts for the life of the party to whom it has been granted.
If the owner of a policy dies before the insured, ownership typically passes to a successor named in the policy or through estate processes. Life insurance is all about securing your loved ones ...
The legal term “pur autre vie” means “for the life of another” in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life ...
Thus, the prior estate must be one that is capable of ending naturally, for example upon the expiration of a term of years or the death of a life tenant. A future interest following a fee simple absolute cannot be a remainder because of the preceding infinite duration. For example:
For example, O conveys to A for life, and one year after A's death to B and his heirs. O will have a one-year interest, that will spring/be cut short one year after A's death, and will go to B, the grantee. Suppose B is 15 years old. Example: "O grants Blackacre to A for life and one year after A's death, to B if B reaches the age of 25 years."