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- Life_estate abstract "In common law and statutory law, 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 may revert to the original owner, or it may pass to another person. The owner of a life estate is called a "life tenant".Although the ownership of a life estate is of limited duration because it ends at the death of the person who is the "measuring life", the owner has the right to enjoy the benefits of ownership of the property, including income derived from rent or other uses of the property, during his or her possession. Because a life estate ceases to exist at the death of the measuring person's life, this temporary ownership agreement cannot be left to heirs (intestate) or devisees (testate), and the life estate cannot normally be inherited (but see Life Estate pur autre vie, and Estate for Term of years). At death, the property involved in a life estate typically falls into the ownership of the remainderman named in the life estate agreement.A land owner of an estate cannot give a "greater interest" in the estate than he or she owns. That is, a life estate owner cannot give complete and indefinite ownership (fee simple) to another person because the life tenant's ownership in the property ends when the person who is the measuring life dies. For instance, if Ashley conveyed to Bob for the life of Bob, and Bob conveys a life estate to another person, Charlie, for Charlie's life [an embedded life estate], then Charlie's life estate interest would last only until whoever dies first, Charlie or Bob. Then Charlie's interest conveys to the remainder interest or reverts to the original grantee. Once Bob dies, however, whoever possesses the land loses it (with the land likely reverting to its original grantor). This is a life estate pur autre vie, or the life of another. Such a life estate can also be conveyed originally, such as "A conveys X to B until A dies".Another limitation on a life estate is the legal doctrine of waste, which prohibits life tenants from damaging or devaluing the land, as the seller's ownership is technically only temporary and a diminution or destruction of the thing sold, the consideration received is a material or complete breach of the contract.Selling property while keeping a life estate is commonly known in France as "viager" where it is used more often than elsewhere, most famously in the case of Jeanne Calment the longest lived human ever recorded.".
- Life_estate wikiPageExternalLink ARintcalc.htm.
- Life_estate wikiPageExternalLink DEintcalc.htm.
- Life_estate wikiPageExternalLink RIintcalc.htm.
- Life_estate wikiPageID "256698".
- Life_estate wikiPageRevisionID "641427602".
- Life_estate hasPhotoCollection Life_estate.
- Life_estate subject Category:Real_property_law.
- Life_estate subject Category:Wills_and_trusts.
- Life_estate comment "In common law and statutory law, 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 may revert to the original owner, or it may pass to another person.".
- Life_estate label "Life estate".
- Life_estate label "종신 물권".
- Life_estate sameAs 종신_물권.
- Life_estate sameAs m.01m101.
- Life_estate sameAs Q6545093.
- Life_estate sameAs Q6545093.
- Life_estate wasDerivedFrom Life_estate?oldid=641427602.
- Life_estate isPrimaryTopicOf Life_estate.