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    3. What is an ownership interest in property that is less than complete and can terminate at some point
    What is an ownership interest in property that is less than complete and can terminate at some point

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    0  Views: 1883 Answers: 2 Posted: 13 years ago
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      It is best to see a lawyer. We answer general questions.

      13 years ago. Rating: 0
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        Sure.  I'll give you one:  LIFE ESTATE


        Suppose I am a rich man and would like to give a house to my doctor, with one catch.  He must to keep me healthy in order that I can live as long as possible.  This is called a  Life Estate.  What is it?  Well, my doctor gets to live in a very wonderful mansion for as long as I am alive.  He, in essence, owns the property like any owner would for as long as I live. Hence, his ownership of this property is predicated on the existence of my life, not his.   As soon as I die, the ownership to this life estate ceases to exist, and my property now reverts back to my heirs.

        13 years ago. Rating: 0
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