Life Estate (Noun)
Meaning
(law) an estate whose duration is limited to the life of the person holding it.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The elderly woman granted her niece a life estate in her summer home, allowing her to live there until her own death.
- The terms of the will stated that his sister would have a life estate in the family farm, but after her passing it would pass to his children.
- The court established a life estate for the widow, giving her control over the marital home for as long as she lived.
- Under the life estate, the beneficiary could reside in the property rent-free, but she was responsible for paying taxes and maintenance.
- A life estate was created in the deed, which ensured that the surviving spouse could continue to live in the house for the remainder of her life.