a life estate conveys to the life tenant

People also ask

  • What is a life estate and how does it work?

  • Basically, a life estate is a binding legal arrangement in which the owner of a property (the grantor) gives the property to another person but retains the right to live in and use that property for the rest of his or her life. The life tenant retains most of the benefits of home ownership, such as: The right to live in the home until death;

  • Who is the remainderman of a life estate?

  • Life Estate is Joint Ownership but with Different Rights. The person who holds the life estate, called the life tenant, has possession of the property during his or her lifetime. Upon the life tenant passing, the other owner, called the remainderman, will take full ownership of the property, and can take possession if she desires.

  • What is the difference between a life estate and a co-owner?

  • The co-owner, called the remainderman, can take full ownership of the property after the life tenant’s death. A life estate can be used as a way to avoid probate but still provide the life tenant with a home for as long as they live.

  • Can a life tenant sell their interest in a life estate?

  • A life tenant may sell, mortgage, lease, or otherwise dispose of her or his life estate interest, unless prohibited or restricted by the document creating the life estate. However, whatever interest the life tenant transfers is still subject to the life estate limitations.

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