Validity of A Life Estate
The early common law did not recognize a life estate in personal property, but such interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate is more commonly used in trust instruments, typically in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth.
The law of England and Wales no longer recognises the life estate at law in relation to land; instead the holder of legal title to the land (whether the freehold fee simple or a lease) will hold that land on trust first for the life tenant and then for the remainderman.
Read more about this topic: Life Estate
Famous quotes containing the words validity of, validity, life and/or estate:
“The hardiest skeptic who has seen a horse broken, a pointer trained, or has visited a menagerie or the exhibition of the Industrious Fleas, will not deny the validity of education. “A boy,” says Plato, “is the most vicious of all beasts;” and in the same spirit the old English poet Gascoigne says, “A boy is better unborn than untaught.””
—Ralph Waldo Emerson (1803–1882)
“It does not follow, because our difficulties are stupendous, because there are some souls timorous enough to doubt the validity and effectiveness of our ideals and our system, that we must turn to a state controlled or state directed social or economic system in order to cure our troubles.”
—Herbert Hoover (1874–1964)
“What am I then, my God? What is my nature? A life varied, multifaceted and truly immense.”
—St. Augustine (354–430)
“Wilt thou have this Woman to thy wedded wife, to live together after God’s ordinance in the holy estate of Matrimony? Wilt thou love her, comfort her, honour, and keep her in sickness and in health; and, forsaking all other, keep thee only unto her, so long as ye both shall live?”
—Book Of Common Prayer, The. Solemnization of Matrimony, “Betrothal,” (1662)