What are lifetime estates?

Answer by  debbie80 (161)

Lifetime estates are where you may deed your home or other personal belongings to someone while you are still living with a lifetime interest in the property while you are still living. You will still be responsible for the upkeep of the property, however, while you are still living there or hold possession.

Answer by  MrChiefJustice (24)

The correct term is a life estate. It is a possession of property that only lasts during the lifetime of a person. Once the person dies the property in the life estate either returns to the grantor or wherever else the grantor wanted it to go.

Answer by  patti (29325)

It gives the right to occupy, own and use a property during a person's natural life. That person cannot bequeath the property to anyone in a will.

Answer by  amber32 (8)

The legal definition of a lifetime estate is the designation of ownership of land to a person for the duration of their lifetime. Ownership of the property ends with the death of the "life tenant."

Answer by  withluck (1745)

In a lifetime estate the property is deeded over to one person, but another person is named to have use of the property for their lifetime. This is a way to convey property while the person is alive and wishes to be sure who will own the property after their death.

Answer by  tamarawilhite (17883)

Lifetime estates state that the person listed can live in the home or use the property until they die, then it goes to the heirs.

Answer by  Nancy (578)

This is an instrument where a person can retain the right of property ownership until death and then automatically goes to another entity, such as an organization. Therefore the person who had the right of ownership can not sell this property or will it to someone else.

Answer by  xsut (943)

Lifetime estates are estates in which a person retains ownership for the duration of their life. These estates can help reduce the chances of probate and make sure that the heir to the property goes to the intended heir.

Answer by  vkcopper (358)

Lifetime estates are land held for the life a particular person. It can be a deed or lease given for the life of that person. It can also be given to the tenant for their life time or may be for the benefit of another. It can also end due to some unforeseen occurrence.

Answer by  blahblah (670)

A life estate is granted by the owner of a property to someone else. The life estate entitles that person to live in and use the property until they die.

Answer by  Brandydog (631)

The owner of such an estate is entitled to the benefits of it for the duration of thier life. These properties cannot be passed on to hiers.

Answer by  Jessie124 (1885)

They are land or housing that is meant to be lived in by one person until their death. It tends to be much more common in the United Kingdom, but you can still find it in the United States.