life estate


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Life Estate

An estate whose duration is limited to the life of the party holding it, or some other person.

life estate

n. the right to use or occupy real property for one's life. Often this is given to a person (such as a family member) by deed or as a gift under a will with the idea that a younger person would then take the property upon the death of the one who receives the life estate. Title may also return to the person giving or deeding the property or to his/her surviving children or descendants upon the death of the life tenant--this is called "reversion." Example of creation of a life estate: "I grant to mother, Molly McCree, the right to live in and/or receive rents from said real property, until her death," or "I give my daughter, Sadie Hawkins, said real property, subject to a life estate to my mother, Molly McCree." This means a woman's mother, Molly, gets to live in the house until she dies, then the woman's daughter, Sadie, will own the property.

See: freehold

life estate

an estate of freehold that exists for the duration of the life of the grantee. If the grantee should assign his interest, that taken by the assignee is referred to as an estate pur autre vie (i.e. ‘an estate for the life of someone else’, namely the original grantee). Since 1925 a life estate can exist only as an equitable interest behind a trust.

See INSURABLE INTEREST, INSURANCE.

References in periodicals archive ?
42) The intention here appears to be to create a kind of hybrid between a life estate and a fee simple--a life estate if the spouse dies intestate but a fee simple if the spouse decides to sell or to make a gift of the property by will.
46) "The restriction on alienation and devise of the homestead property found in the constitution, along with the statutory scheme vesting a life estate in the surviving spouse, is a valuable right of the surviving spouse.
Le Caerg life estate rather than $495,000, the entire value of the property The court agreed with the IRS, since Treas.
9414, there was limited guidance available for calculating the portion of a grantor trust, with a retained life estate, that must be included in a decedent's estate.
1 of the Act would apply to deem the transferor to have disposed of the life estate for its fair market value at the time of disposition, and to immediately have acquired the life estate for its fair market value at the same cost.
121-4(e)(1), if a taxpayer sells a life estate first, then the remainder second, they both are eligible for the Sec.
In another matter, the committee said, a judge, who is named a trustee of property devised to him and his wife as a life estate, can serve as trustee of that property.
Qualified Subchapter S Trusts (QSSTs) which are allowable for a term of years or for the duration of one or more life estates.
Prasad and other featured Hamptons Social Life leaders at an event at the Social Life Estate.
Contract notice: Providing electronic banking services for the use of the right to benefits for student life estate.
How do you use a life estate for personal property such as art, furniture or jewelry, especially in a second marriage?