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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 fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law, either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail). The estate for years and the life estate are estates not of inheritance; the owner owns nothing after the term of ...
A marital life estate is, in the common law tradition of the United States and Great Britain, a life estate held by a living spouse (husband or wife) or widowed spouse, for the duration of that spouse's life.
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 ...
Fiduciary Deed Uses. Fiduciary deeds are often used to transfer property that was owned by someone who is deceased. An executor of an estate will typically act as fiduciary in this example ...
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.
Fanagan (1891) 30 LR IR the court held that when a lessee under a 35-year lease granted by the tenant for life knew that there were not trustees of the settlement he was not granted the protection of S45(3). Another of the procedural requirements is that the sale proceeds or the capital money must be paid to the trustees of the settlements or ...
A ladybird deed, also referred to as an enhanced life estate, allows for the transfer of property to someone else while retaining control of the property. This type of deed can be used in ...