life interest


Also found in: Dictionary, Wikipedia.

life interest

an interest in property, whether real or personal, conferring the right to the use of that property and the right to take the income or fruits or produce of that property for the period of the beneficiary's life. In English law, life interests, whether in realty or personalty, can exist only behind trusts. In Australia and New Zealand, while it remains technically possible to constitute legal life interests, the practice is for them to be made to take effect under a trust. The holder of a life interest is referred to as a life tenant; if a life tenant assigns his interest to a third party, that third party is said to have an interest pur autre vie.
Collins Dictionary of Law © W.J. Stewart, 2006
Mentioned in ?
References in periodicals archive ?
And in the unlikely event she is convicted of murder, she said, her life interest will cease by operation of law and as such the estate of her late husband will not suffer any prejudice.
Property with life interests is an asset for the parents and an asset for the children (be it much reduced in value depending on the parents age).
A Life Interest Trust may be the answer, but discuss the problem with your solicitor.
As Tom didn't leave a Will, Flo is only entitled to the personal possessions and the first PS250,000, of his estate.The remainder is divided in two; their child will receive one half now and the other half when Flo dies, as Flo is only entitled to a life interest in the other half.
This can be achieved by using a life interest trust with a life tenant who would qualify for the tax break in his own right.
Under the Intestacy Rules, as the surviving spouse, you are entitled to receive all of your husband's personal belongings, a statutory legacy of PS250,000 and a life interest in half of the residue with the remaining half passing to your husband's children in equal shares.
The Ninth Circuit recently held that gift taxes incurred when a gift of a life interest in a qualified terminable interest property (QTIP) trust was made are subject to this gross-up rule.
Burnbrae Limited, which is indirectly wholly owned by a trustee of a settlement under which Mellon has a life interest, holds 16,000,000 ordinary shares, representing 17.86 percent of the ordinary share capital of the company.
If you live in England or Wales and are married or in a civil partnership with children, your partner gets only the first pounds 250,000 of your estate plus a life interest in half the remainder.
The court acknowledged that the kind of split-interest trust that appeared to have been uppermost in the congressional mind was one in which a noncharitable beneficiary held a life interest and the charitable beneficiary a remainder interest.
Lewensreg ("Life interest or usufruct", but also "right to life" in a metaphoric sense) is a play about dying and was performed by the University of the Free State Drama Department at the ABSA KKNK in Oudtshoorn in 2007 as part of a competition entitled the Sanlam-prys vir Afrikaanse Teater ("Sanlam Prize for Afrikaans Theatre").