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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. ... It’s widely held that ...
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.
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.
Rights that arise by operation of law often arise by design of certain contingencies set forth in a legal instrument. If a life estate is created in a tract of land, and the person by whose life the estate is measured dies, title to the property reverts to the original grantor – or, possibly, to the grantor's legal heirs – by operation of ...
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").
The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs ...
“With a life estate, the baby boomer retains the right to use and reside in the property until their passing, after which the heir assumes ownership,” said Uphomes owner Ryan Fitzgerald, who ...
[citation needed] Indiana laws were revised many times over the years, but the current approach to updating the code in a regular manner began in 1971. A special agency was established to reorganize the entire body of law for the State of Indiana, leading to the development of 36 distinct Titles that correspond to subject categories. [citation ...