Life interest definition

Life interest means the right, upon payment of an entrance fee, to receive continuing care for life.
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Life interest means a life lease, life membership, life estate, or other similar agreement between a purchaser and a facility by which the purchaser pays a fee for the right to occupy a space in the facility for life.
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Life interest means a type of real property ownership that gives the owner the use of the property or the right to income generated by a property during the lifetime of the owner, or both.
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Examples of Life interest in a sentence

  • Find by what you what to do best create a Life interest Agreement.


More Definitions of Life interest

Life interest means an interest conveyed to Land and/or property for residential purposes for the duration of another’s life or one’s own life.
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Life interest. – this means that someone has an interest in an asset for a lifetime. When creating a life interest, one must also state what happens when the life interest dies = “the remainder” and goes to the “remainderperson”.
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Related to Life interest

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.