a property interest existing for the life of the holder, and not passed on to that person's heirs
A life estate enables a landowner to sell his or her property to an agency such as a forest preserve district yet to be able to continue to live on it. Upon the owner's death, the full title of the property transfers to the forest preserve district. A life estate is useful when a district has acquired all but one or two parcels of land, and the remaining targeted property is where an elderly person lives. She does not want to move, but she is interested in having the land become a park in the future. If the parcel will complete the park but is not essential to its current development, the district could buy the land from her subject to a life estate.
Property interest that gives a person the right to live on certain property for life but does not pass ownership interest onto that person
An estate, created by law or by individual, that terminates upon the death of the person holding it, or upon the deaths of one or more other persons.
created when you transfer ownership of your house to someone else (usually your children) but reserve the right to exclusive use and occupancy for the rest of your life.
use interest in property until death.
A freehold interest in land, the duration of which is confined to the life of one or more persons or contingent upon certain happenings. The individual's (and heirs') right to the property ceases at his/her death.
An interest in property, the term of which is typically measured by the life of the person holding the interest.
(law) an estate whose duration is limited to the life of the person holding it
a common law estate in land, like an estate in fee simple
a contractual agreement with a charity wherein you gift your home now and retain the legal right to continue to live in the home for your lifetime
a form of joint ownership of property between two or more people
a freehold for the lifetime of one individual
a legal arrangement that allows one person to have possession of property (typically land, a home or buildings on the land) during his or her lifetime and, after his or her death, for another person or entity to gain ownership of the property
a legal instrument through which a property owner donates land to a land trust after they die, while retaining the right to live on the property for the remainder of their life
a legal tool that may meet the estate planning objectives of a wide variety of individuals
an estate in land that ends when a named person dies
an estate in real property that ends when a person no longer has any life
an estate whose duration is limited to the life of the party holding it, or some other person, upon whose death the right reverts to the grantor or his heirs
an excellent choice for donors who intend to leave a personal residence or farm to Georgetown upon their death, and for donors who want to lower their income tax liability in the current tax year
an interest in real estate that is limited to the duration of the life of the party holding the interest
an interest which lasts for the lifetime of a person
a present estate, the duration of which is measured by the lifetime of a designated person
a right to exclusive possession and use of land for the period of a lifetime
a type of land ownership in which one person is deeded the right to occupy the property for life and a second person is deeded the right to have the property after the first person's death
The landowner sells or donates the land to the land trust but retains the right to live on the property and use it throughout his or her lifetime.
Interest in land that lasts for the life of the grantee.
An estate in real property for a person's life. Upon death the estate reverts back to the grantor or on to a third party.
An estate that endures during the person's lifetime.
A property interest which gives the right to use trust property and receive income from it during oneâ€(tm)s lifetime.
An estate whose duration is limited to the life of the party holding it. Lis pendens A term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.
An estate whose duration is limited to the life of the party holding it, or some other person. A legal arrangement whereby the beneficiary (i.e. the life tenant) is entitled to the income from the property during his or her life. Upon the death of the life tenant, the property goes to the person holding the remaining interest or to the grantor by reversion.
Full rights of possession and legal use for the life of the possessor(s). In many cases, older parents will transfer their property to their children, to avoid probate, and grant themselves a life estate in the property.
Ownership of real property that is limited to someoneâ€(tm)s lifetime.
A freehold interest in land that expires upon the death of the owner or another specified person.
An estate of ownership in real estate which exists only during the term of a certain person's life.
The right of a person to own a property for their entire life.
The right to use and enjoy property during the life of a person, with the property thereafter to go to someone else. Someone owning a life estate cannot simply sell the entire property with consent of the remainder beneficiary.
A property right, the duration of which is limited to the life of a person holding it.
An individual's right to the use and occupancy of real property for life.
A right to use or occupy property for the life of the person named, which completely expires upon the death of the person named.
An ownership right to an individual for a lifetime period.
The right to use, occupy and own for the life of an individual. Compare, FEE SIMPLE.
A grant or reservation of the right of use, occupancy and ownership for the life of an individual.
An estate whose duration is limited to the life of the party holding it, or of some other person; a freehold estate, not of inheritance.
A freehold interest in real property. It expires upon the death of the owner or some other specified person. Also called Tenancy for Life.
An estate in property for the life of a person that may not be inherited.
A property interest that provides the right to live in or use, but not own, a specific piece of real estate until death.
Estate measured in duration by the life of a natural person.
The right to use and enjoy property and/or receive the income from the property for one's lifetime.
Either an estate for the life of the life tenant alone or an estate for the life or lives of some other person or persons. If the estate is the life of a person other than the life tenant, it is known as an estate pur autre vie.
An interest in property for life.
A freehold estate giving a beneficiary all property rights except the right to sell. The right to the estate is terminated upon the death of the beneficiary.
A estate in real property for the life of a person
An interest in property, the term of which is measured by the life of its owner.
Any estate in real or personal property that is limited in duration to the life of its owner or the life of some other designated person. Although classified as a freehold estate because it is a possessory estate of indefinite duration, a life estate is not an estate of inheritance. For example, Bob Smith conveys his home to his son John and reserves a life estate for himself. Bob (the life tenant) has a life estate, and Hohn has a reversionary interest in the property. When Bob Smith dies, the fee simple property reverts to John. (See freehold estate)
A limited right in a property, to use or occupy the property for the life of the person holding the estate after which title reverts to the grantor or a named third party.
Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.
A freehold equity in an estate, restricted to the duration of the life of the grantee or other stipulated individual.
A grant of property to a person for his or her life.
An Estate measured by the life of a natural person.
A life estate conveys certain property rights to a person for their lifetime. Its duration depends on the lifetime of the tenant, or of another person, or by the occurrence of some specific event, such as the remarriage of the tenant. The owner of a life estate has the right of possession, the right to use the property and the right to sell interest in the life estate. However, the contract establishing the life estate may restrain one or more rights of the person. The owner does NOT have title to the property or the right to sell the property, and usually it can not be passed on to heirs as an inheritance. See: Resources
An estate in land where the owner's rights to the property cease at their death.
A right granted to a person to use a property for the rest of their life. Upon the demise of the holder of the life estate, use of the property reverts to the holder of legal title.
A limited property interest wherein title to the property is transferred, but the transferor or other designated person (the life tenant) retains the right to use, enjoy, and receive income from the property for a specified period of time. The life tenant also has responsibilities regarding the property, including paying mortgage interest and property taxes on it, keeping it in good condition, and protecting it. Also see “Income.
A right to use and to enjoy land and/or structures on land only for the life of the life tenant. The estate reverts back to the grantor (or to some other person), at the death of the person to whom it is given. A property right to last only for the life of the life tenant is called the estate "pur sa vie." If it is for the duration of the life of a third party, it is called an estate "pur autre vie". The rights of the life tenant are restricted to conduct which does not permanently change the land or structures upon it.
A condition created whereby a person has the right to use property only for his or her lifetime.
A freehold interest (in real property) that expires upon the death of the owner or some other specified person (pur autre vie).
The right to income, or use of an asset, for the lifetime of the beneficiary.
a home equity conversion approach in which the seller remains owner of the property after it has been sold to an investor. The seller also has the legal right to reside in the property for life (pages 202-5).
A right to use and to enjoy land and/or structures upon it for the life of the life tenant or the duration of the life of a third party. The estate reverts back to the grantor (or some other person) upon the death of the life tenant or the third party. The rights of a life tenant are usually restricted to conduct which does not permanently change the land and/or structures upon it.
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
a freehold property interest that expires when someone dies
The right to use, occupy and own, for the duration of the life of the individual
A type of Freehold Estate; it is an estate limited in duration to the life of a designated person. (Can also be based on more than one persons life.)
An estate held for the length of one's life.
A life estate, is a term used in common law to describe the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death. The owner of a life estate is called a "life tenant".