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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.
Consider what happens when O transfers the property, "to A for life, then to B". Person A acquires possession of Blackacre. Person B does not receive any right to possess Blackacre immediately; however, once person A dies, possession will fall to person B (or his estate, if he died before person A). Person B has a future interest in the ...
Sharing ownership of a property with another person (or persons) can be legally established in a number of different ways. One possible legal arrangement is through tenancy in common, which allows ...
Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market.
Here’s an overview of the claims process, as detailed by Jane Haskins, Esq. for LegalZoom: Write a claim to the executor or administrator of the estate stating under oath that you are owed a debt.
If a beneficiary to a will dies before they can inherit, the results can range widely. The assets might travel to the beneficiary’s heirs in a chain of inheritance, they might proceed to the ...
Escheatment is the process of returning lost or unclaimed property to the government of a state, for safekeeping until the owner is identified. Geographic jurisdiction of the state is determined by the last known address of the original owner. Each state has laws regulating escheatment, with holding periods typically ranging around five years ...
A man has died after being involved in a construction incident in the Baxter area of Putnam County, according to the Putnam County Sheriff's Office.