A life estate is a type of property ownership that allows a person to live on the property until their death. At the time of death ownership of the property reverts to another party – called the remainderman.
order priligy priligy Unlike fee simple where the owner can sell or give the property away, the owner of a life estate has limited ownership. The life estate owner may sell the life estate; however, the buyer of the life estate has ownership of the life estate only until the life estate seller dies. The buyer does not know at time of purchase how long their ownership interest in the property will last. At the time of the life estate seller’s death, the property ownership passes to the remainderman.
buy accutane online canada pharmacy If the life estate owner and remainderman agree, they may sell both of their interests in the property to a third party.
A common use of a life estate is for a parent to give himself or herself a life estate in the property. Upon their death, the property would go to the remainderman – often the children. No probate of the estate is required. Since the life estate ends at the onwer’s death, there is no estate for anyone to inherit.
Another use of life estate is when a person remarries. They may leave the second spouse a life estate. Upon the death of the second spouse, the property reverts to the remainderman – again, often the children.
While limited, life estate can be useful in the right circumstances.