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life estate |
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life estate The right to use and enjoy real estate for a limited time measured by someone's life— either the owner of the life estate or someone else. Often used as an estate planning tool so that elderly people can sell their property or give it to relatives,but still retain the right to continue living in it. Example: Mary Smith, who is 85 years old, has a life estate in Blackacre, but it's for the life of 10-year-old Ashley Brown. As a result, Mary and her heirs will be able to use the property until Ashley dies, hopefully some time in the distant future. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| But a terminable interest, such as a life estate in a trust created by someone other than the person receiving it, generally does not qualify. 121 Apply to the Sale of a Life Estate in One's Primary Personal Residence? The injuries -- if any, and we dispute there were any -- would be to the (California Insurance) Commission, which has exclusive standing to represent the interests of the Executive Life estate," said Credit Lyonnais defense counsel Randolph Fishburn. |
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