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.
Estate planning is complicated and there are many ways you can protect your assets after your death. One way is to establish a life estate for the person you want to live there for their lifetime.
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.
For premium support please call: 800-290-4726 more ways to reach us
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
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.
On the life tenant's death, the trust comes to an end, and the capital of the trust is paid to another person, known as the remainderman, as specified by the trust document. One form of life interest is a life estate , an ownership interest in property that lasts for the life of the party to whom it has been granted.
The legal term “pur autre vie” means “for the life of another” in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life ...