Search results
Results from the WOW.Com Content Network
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.
Property Rules, Liability Rules and Inalienability: One View of the Cathedral is an article in the scholarly legal literature (Harvard Law Review, Vol.85, p. 1089, April 1972), authored by Judge Guido Calabresi (of the United States Court of Appeals for the Second Circuit) and A. Douglas Melamed, currently a professor at Stanford Law School.
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]
A life estate is a form of freehold estate, and the life tenant is guaranteed the use of the property for their lifetime (sometimes called a life estate "pur sa vie," which means "for his own 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.
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 ...
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 life estate per autre vie is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted per autre vie. Leasehold: An estate of limited term, as set out in a contract, called a lease, between the party granted the ...