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In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
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.
Indiana is a state in the United States. The law Courts of Indiana include: State courts of Indiana The E. Ross Adair Federal Building, seat of the Fort Wayne division of the U.S. District Court for the Northern District of Indiana. Indiana Supreme Court [1] Indiana Court of Appeals (5 districts; previously Indiana Appellate Court) [2] Indiana ...
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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.
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.
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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 ...