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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.
An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
If the owner of the common right becomes the owner of the fee simple estate, then the common right becomes extinguished. [1] If the crop or other item over which there is a common right is severed from the land, then the common right becomes extinguished. [1]
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 ...
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").
Continue reading → The post How to Remove Someone from a Life Estate appeared first on SmartAsset Blog. Life estates can provide effective means to create joint ownership of property, avoid ...