Question: What Does Lifetime Estate Mean?

What does a lifetime estate mean?

A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.

In a life estate, two or more people each have an ownership interest in a property, but for different periods of time.26 Oct 2016

How long does a life estate last?

If a lease is for more than seven years, the lease must be registered. Most long leases are for a period of between 99 and 999 years, and ‘leases for life’ will be interpreted either as a licence or a lease.

What does it mean to have lifetime rights to a house?

A life estate is an ownership interest in real estate, governed by state law. It gives a person, called a life tenant, the right to live at or use property during his lifetime — but he has no right to sell the property.

Who owns the property in a life estate?

A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the “remainderman” (in this example, Son).