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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 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.
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]
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.
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A life estate pur autre vie can be created when a contingent remainder is destroyed, in a Doctrine of Merger situation, where one person acquires the life estate of another and thereby destroys a remainder not already vested. [4]
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...