Life Estate
Many jurisdictions retain the possibility of creating a life estate, although this is uncommon. In the United States, life estates are most commonly used either to grant someone use of the property for the remainder of that person's life in a will, or by a grantor to reserve the right to continue using the property for the remainder of the grantor's life after it is sold. The right to ownership of the property after the death of the life estate owner is called the remainder estate. In England and Wales fee simple is the only freehold estate that remains; a life estate can only be created in equity and is not a right in property.
Read more about this topic: Fee Simple
Famous quotes containing the words life and/or estate:
“We have had many harbingers and forerunners; but of a purely spiritual life, history has afforded no example. I mean we have yet no man who has leaned entirely on his character, and eaten angels’ food; who, trusting to his sentiments, found life made of miracles; who, working for universal aims, found himself fed, he knew not how; clothed, sheltered, and weaponed, he knew not how, and yet it was done by his own hands.”
—Ralph Waldo Emerson (1803–1882)
“Sweet are the thoughts that savour of content,
The quiet mind is richer than a crown;
Sweet are the nights in careless slumber spent,
The poor estate scorns Fortune’s angry frown.
Such sweet content, such minds, such sleep, such bliss,
Beggars enjoy, when princes oft do miss.”
—Robert Greene (1558?–1592)