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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".
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 ...
The legal term “pur autre vie” means “for the life of another” in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life ...
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.
Black's Law Dictionary defines the rule against perpetuities as "[t]he common-law rule prohibiting a grant of an estate unless the interest must vest, if at all, no later than 21 years (plus a period of gestation to cover a posthumous birth) after the death of some person alive when the interest was created." [8]
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...
In property law of countries with a common law background, including the United States and some Canadian provinces, pur autre vie (Law French for "for another['s] life") is a duration of a proprietary freehold interest in the form of a variant of a life estate.
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 ...