Florida Bill of Sale of Personal Property - Reservation of Life Estate in Seller
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FAQ
A life estate is an interest in real property or assets that a person is given for the duration of his or her life.
If the life estate is based on the life tenant's life, it is known as an ordinary life estate. Once the owner dies, the estate terminates. If the estate is based on a life other than the life tenant, it is known as a pur autre vie life estate, which means for another's life.
Measuring life means the period over which a jackpot or second-level annuitized prize is paid out. For each winning ticket, the measuring life shall be the natural life of the individual determined by the commission to be a valid prize winner.
Filters. Latin/French. For the life of another, term often used in bequeathing a right (but not title) in property.
Benefits of a Life EstateThe right to live in the home until death;Maintaining a $250,000 capital gains exclusion provided you resided in the home two (2) of the last five (5) years;The right to keep a portion of the sale proceeds of the house if it is later sold;The right to rental income;More items...?12-Jun-2012
Pur autre vie (per o-truh vee) is a French legal phrase which means for another's life. This phrase is durational in meaning as it is another's life, not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.
In property law of countries with a common law background, including the United States and some Canadian provinces, pur autre vie (Law French for "for another's life") is a duration of a proprietary freehold interest in the form of a variant of a life estate.
A life estate is a freehold estate where ownership is limited to the duration of some person's lifetime, either the person holding the life estate the life tenant or some other designated person.
Key Takeaways. A life estate is a type of joint property ownership. Under a life estate, the owners have the right to use the property for life. Typically, the life estate process is adopted to streamline inheritance while avoiding probate.
An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.
