who owns the property in a life estate
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What is a life estate?
The hallmark of a life estate is the duration of ownership rights for each who owns the property in a life estate, as well as what those rights are. 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.
What is the difference between a life estate and an ownership interest?
An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership 渟plit?between a present interest and a remainder interest.
Who owns the property after the life estate deed is filed?
After the Life Estate Deed is filed, the life tenant and the remainder beneficiaries own the property, but have different possession rights. The life tenant continues to possess the property during his or her lifetime, and the right to possess the property passes to the remainder beneficiaries when the life tenant dies.
Who is the beneficiary of a life estate?
The beneficiary you elect for your life estate is called the future tenant, or remainderman. They hold no rights to possession of the property while you are still alive; once you pass away, though, they will take full ownership and be able to make any and all decisions about the property.