Validity of A Life Estate
The early common law did not recognize a life estate in personal property, but such interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate is more commonly used in trust instruments, typically in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth.
The law of England and Wales no longer recognises the life estate at law in relation to land; instead the holder of legal title to the land (whether the freehold fee simple or a lease) will hold that land on trust first for the life tenant and then for the remainderman.
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—F. Scott Fitzgerald (1896–1940)
“Once one is caught up into the material world not one person in ten thousand finds the time to form literary taste, to examine the validity of philosophic concepts for himself, or to form what, for lack of a better phrase, I might call the wise and tragic sense of life.”
—F. Scott Fitzgerald (1896–1940)
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