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A life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
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.
[1] [2] [3] For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie. A life estate pur autre vie can be created when a contingent remainder is destroyed, in a Doctrine of Merger situation, where one person acquires the life estate of another and thereby destroys a ...
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.
A recent study found 94% of U.S. residents believe homeownership is part of the American dream. Are they getting it wrong? Morgan Housel, a partner at The Collaborative Fund and best-selling ...
The original tenant's future interest is a reversion. 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.
Determining how much money you need to buy a house has always been daunting for first-time homebuyers, and it doesn’t seem to be getting much easier in 2025. Mortgage rates are still hovering ...
If you borrowed $20,000 with a 60-month personal loan at a 9% interest rate, you’d repay roughly $24,900 — or $4,900 in interest over the life of your loan.