Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a Life Estate?

April 26, 2017Estate life

0

10 Posted

What is a Life Estate?

3 Answers

0

Posted

A Life Estate is created when a person retains an interest in a property for the remainder of their life. The instrument that creates that Life Estate will designate “Remaindermen” who are the beneficiaries of that property after the Life tenant passes away.

0

Posted

A “life estate” is a type of property tenancy that lasts for the life of the named life tenant. For example, the grantee clause of a deed may read “to B__ during his life and then to C__”. This would give “B__” ownership of the property during his lifetime and upon his death the property would go to “C__”. “B__” could sell his interest in the property to “D__” but “D__” would only own the property for as long as “B__” lives.

0

Posted

A Life Estate is a type of ownership where there is a Life Tenant and a Remainderman. The Life Tenant owns the property while they are alive, and it automatically passes to the Remainderman at the time of the Life Tenant’s death. For more information, consult with an attorney.