Wi Life Estate With Reversion
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FAQ
In General. A "reversion" is a future estate created by operation of law and which is to take effect in possession in favor of a lessor, transferor, grantor, or his heirs, distributees, devisees, or legatees, after a precedent particular estate which has been granted, demised, or devised, has terminated.
For example, Tisha's grandmother wrote her will and stated that her twin sister could live in her home until she died. Then, the home would go to Tisha. This is an estate in reversion - the twin sister will enjoy possession of the estate until she passes away, then possession will revert to Tisha.
Reversion, in Anglo-American law, interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. A reversion is itself specific property, and it can be sold or disposed of as property by the reversion owner.
A reversion is that portion of a fee estate that continues in the grantor after the grantor has conveyed a life estate. For example, when A conveys a life estate to B, the portion of the fee estate remaining in A is a reversion. When B's life estate ends, the right to ownership and possession will revert to A.
A life estate is the ownership of land for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when ownership of the property either reverts to the original owner or passes to another person.