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This means that if the life tenant receives Medicaid benefits for long-term care, the state could seek reimbursement from the value of the property after the life tenant’s death, affecting the ...
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 life tenant cannot open the land to search for minerals and other natural resources, but if the quarries or mines were open before the tenant took the life estate, then it is not waste for the life tenant to continue their use. [1] Where the life tenant opens the land for new mines (i.e., voluntary waste) a remainderman can enjoin such.
Continue reading → The post Rights of Life Tenants: 2022 Real Estate Guide appeared first on SmartAsset Blog. But you may not want to give up any of your rights to the property during your lifetime.
Remainder: A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, and specifies a third party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a remainder. The third-party may have a legal right to limit the life tenant's use of the land.
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