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.
Read more about this topic: Life Estate
Famous quotes containing the words validity of, validity, life and/or estate:
“The hardiest skeptic who has seen a horse broken, a pointer trained, or has visited a menagerie or the exhibition of the Industrious Fleas, will not deny the validity of education. “A boy,” says Plato, “is the most vicious of all beasts;” and in the same spirit the old English poet Gascoigne says, “A boy is better unborn than untaught.””
—Ralph Waldo Emerson (1803–1882)
“The hardiest skeptic who has seen a horse broken, a pointer trained, or has visited a menagerie or the exhibition of the Industrious Fleas, will not deny the validity of education. “A boy,” says Plato, “is the most vicious of all beasts;” and in the same spirit the old English poet Gascoigne says, “A boy is better unborn than untaught.””
—Ralph Waldo Emerson (1803–1882)
“The new man is born too old to tolerate the new world. The present conditions of life have not yet erased the traces of the past. We run too fast, but we still do not move enough.... He looks but he does not contemplate, he sees but he does not think. He runs away from time, which is made of thought, and yet all he can feel is his own time, the present.”
—Eugenio Montale (1896–1981)
“Wilt thou have this Woman to thy wedded wife, to live together after God’s ordinance in the holy estate of Matrimony? Wilt thou love her, comfort her, honour, and keep her in sickness and in health; and, forsaking all other, keep thee only unto her, so long as ye both shall live?”
—Book Of Common Prayer, The. Solemnization of Matrimony, “Betrothal,” (1662)