Life Estate
A life estate is an estate planning tool. It helps landowners leave property to an heir without having a will or going through the probate process. Life estates are measured by the life of the property recipient or some other individual's life. An example would be a parent transferring a home to a child and retaining a life estate in the home. Upon death of the parent, the life estate would transfer to the child and assets would then be merged into a fee simple title. This eliminates the need for a will and circumvents the probate process.
Posted by h_heather_98 on 8/21/2009
What others are suggesting
|
Life estate - Wikipedia, the free encyclopedia
|
|
Life estates offer a remaining spouse the opportunity to enjoy property for the remaining part of their life but without inheriting the property ... When a person has a " life estate" in a piece of property (most commonly, a house and the contents within it), he/she enjoys almost the same rights in that property as would...
|
|
The life estate is something every first year law student learns about when they study the arcane and often bizarre history of property law that harkens back to the days of English knights, lords and serfs, and the transfer of property through the ceremonial throwing of dirt clods with oaths of duty to accompany.
|
|
A "life estate" is an estate whose duration is limited to the life of an individual (usually the party holding the life estate), and a legal arrangement whereby the "life tenant" during his or her life retains use (the rights to rents and profits), possession of the property and costs of maintaining the property.
|
|
Life estate agreements are ideal planning vehicles for those individuals who desire to make a testamentary gift of real property to charity, yet enjoy a current and potentially substantial charitable income tax deduction.
|
|
Many people are using the deed as a means of passing a piece of real estate directly to heirs without the need for probate. You can do this in many ways; but a very popular one is to use the Life-Estate Deed, also sometimes called the Life-Right Deed.
|
|
Definition of life estate in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is life estate? Meaning of life estate as a legal term. What does life estate mean in law? ... life estate n. the right to use or occupy real property for one's life. Often this is given to a person (such as a...
|
|
Life Estate Agreement for One or Two Lives ... A life estate agreement is an arrangement whereby you transfer title to a personal residence, farm, or yacht to charity while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or...
|
|
The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time made a transfer (except in case of a bona fide sale for an adequate and full consideration in money or money’s worth), by trust or otherwise, under which he has retained...
|
Can't find what you're looking for? Suggest a link.
Copyright © 2009, Dictionary.com, LLC. All rights reserved.
Related Topics for
Life Estate
Definition of
- Life
- -n.
This binocular preview is a sneak peek of the Web page behind this search result. If the image says "Site Home Page" we are showing you a preview of the website's home page because we still have to update our binocular system with the particular page from your search result. The text at the bottom of the preview gives you more details, such as:
- Whether the page requires plug-ins such as Flash
- Whether the page will "pop up" additional windows upon loading
- How much data you'll have to download to view the complete page
- How long it should take for you to download the full page, based on a 56 kb/s dial-up Internet connection
