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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.
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.
A has a possessory interest in life estate subject to executory limitation (B's executory interest). B has an executory interest, because his interest does not vest unless A's life estate terminates due to the 'unnatural' condition subsequent. The interest is shifting, because if A drinks, then the property "shifts" from one grantee to another.
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. Unlike the beneficiary of a ...
Estate tax: The federal estate tax only applies to estates valued at $12.92 million or higher (for 2023 deaths) or $13.61 million (for 2024 deaths). In addition, six states have a separate ...
In property law of countries with a common law background, including the United States and some Canadian provinces, pur autre vie (Law French for "for another['s] life") is a duration of a proprietary freehold interest in the form of a variant of a life estate. [1] [2]
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