A life estate is the right to occupy or use a specified parcel of land for the period of a person’s life.

For example:

John owns a farm. John grants a life estate in the farm to Juan. This means that Juan can use or occupy the farm for the rest of Juan’s life. Upon Juan’s death, the property will either revert back to John, or will be passed to a “remainderman” (depending on how John set up the life estate.)

• 04/07/2009 -- What is a ladybird deed? (0)
• 04/07/2009 -- How is a life estate set up? (0)
• 04/07/2009 -- What is a remainderman? (0)
• 20/02/2009 -- How do you dispose of a deceased person’s property if there was no will? (0)
• 09/08/2009 -- How does one qualify to be an administrator or executor of an estate? (0)
• 28/06/2009 -- What is exempt personal property? (0)
• 27/06/2009 -- What is a ‘liar loan’? (0)
• 07/03/2009 -- What happens to a mortgage when the borrower dies? Can the bank still foreclose? (0)
• 06/03/2009 -- How do I revoke a will in Texas? (0)
• 24/08/2008 -- In re Estate of Wilson — Lost Will (0)

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This entry was posted on Saturday, July 4th, 2009 at 1:49 pm and is filed under Legal news and errata. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.