Q. What is a “Life Estate”?

8 Nov

A. A “life estate” is an estate whose duration is limited to the life of an individual (usually the party holding the life estate), and a legal arrangement whereby the “life tenant” during his or her life retains use (the rights to rents and profits), possession of the property and costs of maintaining the property. The life tenant cannot sell, take a mortgage against or waste the property without the consent of the owners (known as remainderman in most states) and conversely, the owners cannot sell, mortgage or waste the property without the life tenant’s permission.

Other questions? Visit our website www.TraditionTA.com and see the FAQ section!

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