Life Estate
Many jurisdictions retain the possibility of creating a life estate, although this is uncommon. In the United States, life estates are most commonly used either to grant someone use of the property for the remainder of that person's life in a will, or by a grantor to reserve the right to continue using the property for the remainder of the grantor's life after it is sold. The right to ownership of the property after the death of the life estate owner is called the remainder estate. In England and Wales fee simple is the only freehold estate that remains; a life estate can only be created in equity and is not a right in property.
Read more about this topic: Fee Simple
Famous quotes containing the words life and/or estate:
“Every creature is better alive than dead, men and moose and pine trees, and he who understands it aright will rather preserve its life than destroy it.”
—Henry David Thoreau (1817–1862)
“Our vices always lie in the direction of our virtues, and in their best estate are but plausible imitations of the latter.”
—Henry David Thoreau (1817–1862)