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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.
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.
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]
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 ...
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 ...
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.
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