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Continue reading → The post How to Remove Someone from a Life Estate appeared first on SmartAsset Blog. Life estates can provide effective means to create joint ownership of property, avoid ...
A person found to have committed voluntary waste without the written permission of the holder of the future interest is forced to pay treble damages to the holder of the future interest, and the person's present interest (whether a life estate or a lease) is automatically terminated. [1]
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".
A remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
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 How to Remove Someone from a Life Estate appeared first on SmartAsset Blog. Life estates can provide effective means to create joint ownership of property, avoid ...
A person who quitclaims renounces or relinquishes a claim to some legal right, or transfers a legal interest in land. [2] Originally a common-law concept dating back to Medieval England, the expression is in modern times mostly restricted to North American law, where it often refers specifically to a transfer of ownership or some other interest ...
A life estate is another option for boomers who dream of transferring their property to their children but don’t want to give it up or move out while they’re alive.