Duration of A Life Estate
Life estates are measured either by the life of the property recipient, or by the life of some other person; these latter are called life estates pur autre vie (Law French, "for the life of another"). A life estate pur autre vie is most commonly created in one of two circumstances.
- First, when the owner of property conveys his interest in that property to another person, for the life of a third person. For example if A conveys land to B during the life of C, then B owns the land for as long as C lives; if B dies before C, B's heirs will inherit the land, and will continue to own it for as long as C lives.
- Second, if A conveys land to C for life, C can then sell the life estate to B. Again, B and B's heirs will own the land for as long as C lives.
- In either scenario, once C dies, the ownership of the land will revert to A. If A has died, ownership will revert to A's heirs. The right to succeed to ownership of the property upon the expiration of the life estate is called a remainder.
Read more about this topic: Life Estate
Famous quotes containing the words duration of, duration, life and/or estate:
“What matters it that man should have a little more knowledge of the universe? If he has it, he gets little higher. Is he not always infinitely removed from the end, and is not the duration of our life equally removed from eternity, even if it lasts ten years longer?”
—Blaise Pascal (1623–1662)
“What matters it that man should have a little more knowledge of the universe? If he has it, he gets little higher. Is he not always infinitely removed from the end, and is not the duration of our life equally removed from eternity, even if it lasts ten years longer?”
—Blaise Pascal (1623–1662)
“The happiest excitement in life is to be convinced that one is fighting for all one is worth on behalf of some clearly seen and deeply felt good, and against some greatly scorned evil.”
—Ruth Benedict (1887–1948)
“Never let the estate decrease in your hands. It is only by such resolutions as that that English noblemen and English gentlemen can preserve their country. I cannot bear to see property changing hands.”
—Anthony Trollope (1815–1882)