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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 defeasible fee is sometimes seen with property donated to charity for a specific use, where the grantor specifies that the ownership may end if the property is no longer used in a certain way. [14] Another type of present interest is the life estate, by which the grantor gives the life tenant full rights during the life tenant's life. [14]
The end of the life of the life estate is when the life tenant dies. The purpose of a life estate is to provide for the life tenant. A joint purpose is to be sure the next generation, or some ...
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 ...
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.
The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affect their power to will the property upon death to their devisees in the case of joint tenants. However, any joint tenant can change this by severing the joint tenancy.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
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 ...
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