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For example, if the owner of property makes a grant of that property "to John for life, and then to Jane," Jane is entitled to a future interest, called a remainder, and is termed a remainderman. Another example is say Mary leaves her books to Mark her son, and if he doesn't want them he leaves them to his daughter Ruth, who also doesn't want ...
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.
For example: A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.
[37] [38] If, for example, a grantor's will devised land "to my son, for life; then to his wife [or widow], for life; then to his children living at the time of her death", the children's contingent remainder (contingent on their status as "living" at the time of the widow's death) would be invalid, even if the grantor's son was an elderly and ...
A life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
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."
Fair question given the show's main character, Charlie Croker, feels like a thinly-veiled nod to any number of real-life business moguls featured in the headlines of grocery-store tabloids.
[1] [2] [3] For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie. A life estate pur autre vie can be created when a contingent remainder is destroyed, in a Doctrine of Merger situation, where one person acquires the life estate of another and thereby destroys a ...