Definition of Life estate:
Freehold estate for the life of a beneficiary (or tenant) that terminates on his or her death. Since, it is not a legal estate but only an equitable interest, the beneficiary has all rights except the right to sell the property.
An estate or property which a person holds for life but cannot dispose of further.
A life estate is the vehicle by which the property owner, or the grantor, transfers legal ownership to another person or the life tenant. In many cases, the grantor and the life tenant are the same people, but not always. Typically, the deed will state that the occupant of the property is allowed to use it for the duration of their life. Almost all deeds creating a life estate will also name a remainderman, the person or persons who get the property when the life tenant dies. .
A life estate is property that an individual owns only through the duration of their lifetime. It is also referred to as a tenant for life and life tenant. A life estate is restrictive in that it prevents the beneficiary from selling the property that produces the income before the beneficiary's death. But the estate cannot continue beyond the life of the beneficiary.
How to use Life estate in a sentence?
- A person owns property in a life estate only throughout their lifetime.
- One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
- Beneficiaries cannot sell property in a life estate before the beneficiary's death.
Meaning of Life estate & Life estate Definition