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:
“Among the earliest institutions to be invented, if I read the stars right, is a Protestant monastery, a place of elegant seclusion where melancholy gentlemen and ladies may go to spend the advanced session of life in drinking milk, walking the woods & reading the Bible and the poets.”
—Ralph Waldo Emerson (1803–1882)
“I ‘gin to be aweary of the sun,
And wish th’ estate o’ the world were now undone.”
—William Shakespeare (1564–1616)