Life Estate Vs Life Use
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FAQ
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
A conventional life estate is one created by grant from the owner of the fee simple estate. A legal life estate is one created by statute in some states and depends on the law of the state where the real estate is located. Examples of this type of life estate include curtsey and dower.
A life estate is a property?usually a residence?that an individual owns and may use for the duration of their lifetime. Called the life tenant, this person shares ownership of the property with a second person.
Life Estates establish two different categories of property owners: the Life Tenant Owner and the Remainder Owner. The Life Tenant Owner maintains the absolute and exclusive right to use the property during his or her lifetime. This can be a sole owner or joint Life Tenants.
A.life estate pur autre vie, in remainder. A life estate pur autre vie is based on a measuring life that's someone other than the life tenant. An estate in remainder is one that passes to a third party at the end of the measuring life, rather than to the grantor or the grantor's heirs.