life estate

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Related to Life tenancy: life tenant, life estate

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 ?
Because the TPT credit is contingent on the transferred property being capable of valuation, a pure sprinkle provision without any identifiable portion of income guaranteed for the transferee spouse will preclude a TPT credit for the spousal income life tenancy, not to mention that such terms would not allow QTIP treatment.
Cavenaugh's interest beyond a life tenancy, and that the property was includible in his estate pursuant to Sec.
For example, consider an impermissible split-interest trust with a single noncharitable life tenancy interest actuarially valued at $100,000 and a charitable remainder interest actuarially valued at $900,000.
To this end, it is vigorously pursuing opportunities in two potential growth areas ( the life tenancy market and tenanted residential in Europe.
Dickinson Dees acted for Grainger Trust Plc on its purchase from NPI Limited of a portfolio of life tenancy interests.
It has also extended its interest in the life tenancy market, in which home owners sign over a part of or all of the eventual proceeds of their home in return for income.
Reg Vardy increased its number of dealerships to 81; Parkdean made its first acquisition since flotation in 2002; Go-Ahead added to its southern focus with the acquisition of a Poole-based bus company; and Grainger Trust completed the acquisition of Bromley Property Holdings and bought the life tenancy portfolio of NPI Limited.