Life estate means the right to property limited to the lifetime of the individual holding it or the lifetime of some other individual. In general, a "life estate" enables the owner of the "life estate" to possess, use, and obtain profits from property during the lifetime of a designated individual while actual ownership of the property is held by another individual. A "life estate" is created when an individual owns property and then transfers ownership to another individual while retaining, for the rest of the individual's life, certain rights to that property. In addition, a "life estate" is established when a member of the financial group purchases a "life estate" interest in the home of another individual.
Life estate means an estate that consists of total rights to use, occupy, and control real property but is limited to the life- time of a designated party; this party is often called a "life ten- ant."
Life estate means a legal arrangement entitling the owners to possess, rent, and otherwise profit from real or personal property during their lifetime.
Examples of Life estate in a sentence
No. Life estate and joint tenancy interests are not purchasable interests under the Buy-Back Program.
Life estate" means an estate whose duration is limited to the life of the party holding it or of some other person.
Life estate factor for age 68 is .37936 $320,000 × .37936 = $121,395.202.
Value of C’s Succeeding Life Estate Life estate factor for age 45 is .67131$320,000 × .67131 = $214,819.20 Less: B’s life estate$ 121,395.20 Value of C’s life estate $ 93,424.003.
No. Life estate and joint tenancy interests are not purchasable interests under the Buy- Back Program.
More Definitions of Life estate
Life estate means an ownership interest in a property only during the lifetime of the person(s) owning the life estate. In some cases, the ownership interest lasts only until the occurrence of some specific event, such as remarriage of the life estate owner. A life estate owner may not have the legal title or deed to the property, but may have rights to pos- session, use, income and/or selling their life estate interest in the property.
Life estate means an interest in real or personal property that terminates upon the death of a measuring life.
Life estate means an ownership interest in a property only dur- ing the lifetime of the person owning the life estate.
Life estate means an ownership interest in property wherein one person holds the right to possess, use, and obtain profits from the property as long as he or she lives, while another person holds the actual ownership interest in the property.
Life estate means the value of a property that is allocated between the life tenant and the remainderman.
Life estate means a legal estate planning procedure in which the client transfers real property to another individual but retains the right of occupancy and income from the property during the client's lifetime. The life estate's duration is limited to the life of the client. The client, during his or her life, retains the use and possession of the property, the rights to rents and profits, and the costs of maintaining the property. The client cannot sell or waste the property without the consent of the person(s) to whom the property was transferred.
Life estate means a person's legal right to reside on a property as a life tenant. He or she does not pay rent and is responsible for property maintenance.