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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.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
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.
Determining inheritance after a person passes away with no traditional resources like a will, trust or estate can be challenging. What can make things even more complicated is the fact that many ...
Howe v Earl of Dartmouth (1802) 7 Ves 137 is an English trusts law case. It laid down the rule of equity in relation to the duties of a trustee in relation to a trust fund where there are successive interests in relation to the trust fund, and seeks to strike a fair balance between the rights of the life tenant and the remainderman. [1]
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. Unlike the beneficiary of a ...
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 ...
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