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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 marital life estate is, in the common law tradition of the United States and Great Britain, a life estate held by a living spouse (husband or wife) ...
That's where a life estate comes in. A life estate is a legal way … Continue reading ->The post What Is a Life Estate and How Does It Work? appeared first on SmartAsset Blog.
An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
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.
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 ...
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.
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 ...
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