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

    0  Views: 1746 Answers: 2 Posted: 11 years ago

    2 Answers

    It is best to see a lawyer. We answer general questions.

    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.

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