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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.
The end of the life of the life estate is when the life tenant dies. The purpose of a life estate is to provide for the life tenant. A joint purpose is to be sure the next generation, or some ...
For example: A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.
Howe v Earl of Dartmouth (1802) 7 Ves 137 is an English trusts law case. It laid down the rule of equity in relation to the duties of a trustee in relation to a trust fund where there are successive interests in relation to the trust fund, and seeks to strike a fair balance between the rights of the life tenant and the remainderman. [1]
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 life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
[1] [2] [3] For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie. 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 ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.