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.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
There are four categories of leasehold estates: estate for years (a term of year absolute or tenancy for years)—lease of any length with specific begin and end date; periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week) estate at will (tenancy at will)—leasehold for no fixed time or period. It ...
Medicaid estate recovery: In some jurisdictions, property transferred through an enhanced life estate deed may still be subject to Medicaid estate recovery. This means that if the life tenant ...
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.
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.
Example: "O grants Blackacre to A for life, then to B, unless B and C have divorced (at the time A dies)". Analysis (O): If B and C have not divorced before A dies, B will own Blackacre. If B has divorced C, then the property will vest in O (or O's estate) without O having to make a claim for it. So O has a reversion. Analysis (A): A has a life ...
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 ...