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:
“The symbol of perpetual youth, the grass-blade, like a long green ribbon, streams from the sod into the summer, checked indeed by the frost, but anon pushing on again, lifting its spear of last year’s hay with the fresh life below. It grows as steadily as the rill oozes out of the ground.... So our human life but dies down to its root, and still puts forth its green blade to eternity.”
—Henry David Thoreau (1817–1862)
“The difference between de jure and de facto segregation is the difference open, forthright bigotry and the shamefaced kind that works through unwritten agreements between real estate dealers, school officials, and local politicians.”
—Shirley Chisholm (b. 1924)