Life estate: A right to use and to enjoy land and/or structures on land only for the life of the life tenant. The estate reverts back to the grantor (or to some other person), at the death of the person to whom it is given. A property right to last only for the life of the life tenant is called the estate “pur sa vie.” If it is for the duration of the life of a third party, it is called an estate “pur autre vie”. The rights of the life tenant are restricted to conduct which does not permanently change the land or structures upon it.
Life tenant: The beneficiary of a life estate.
Basically wht happens is that they grant the property to you and retain for themselves a life estate in the name of --whomever is the life tenant–.
You should be able to have this done by any real estate attorney in your community.
I’m trying to tie up a valuable piece of property with an elderly couple and have been advised by several people on here to put it into a ‘Life Estate’. Is there some software out there that will help me do this for them? If I leave it all to them I don’t think they will ever get around to it. Thanks.
Re: How Do I Create a Life Estate - Posted by Patty Salee
Posted by Patty Salee on November 22, 2004 at 09:36:52:
You have the body of a 19 year old. Please return it before it gets wrinkled.
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Re: How Do I Create a Life Estate - Posted by Alan Ruby
Posted by Alan Ruby on November 19, 2004 at 01:51:45:
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