People also ask
What does it mean to own a life estate?
Life Estate, Definition A life estate is a special ownership arrangement that allows you to share a property with someone else. Each of the people in a life estate has an ownership interest in a piece of real estate ?typically your primary home ?but over different time periods. The person who holds the life estate is called the life tenant.
What is a life tenant in a life estate?
While alive, the life tenant is the one who owns the property in a life estate and remains in possession of the property with limited ownership rights. And as such, cannot sell the property while retaining maintenance-related responsibilities, including:
What is a life estate in real estate?
A life estate is a type of joint ownership of real property with ownership 渟plit?between a present interest and a remainder interest. The individual holding the life estate ?the life tenant retains the legal right to possess and use the property during their lifetime.
What is a life estate in Florida?
A life estate is a form of property ownership that exists to transfer property from one person to another, without burdening that person with the property taxes associated with the real estate. It can also exist in other forms, wherein it involves the transfer of property between three persons ?the grantor, the life tenant, and the remainderman.