Life estate Flashcards
(6 cards)
1
Q
What is a life estate?
A
Measured by the lifetime of an individual
Remember: ‘life estate’ = lifetime of an individual
2
Q
What are the two options for a life estate?
A
- Grantor conveys life estate to another individual
- Grantor reserves a life estate for own use and transfers the remainder interest to another person (remainder estate)
3
Q
What is an estate in reversion?
A
- Title is conveyed back to the original grantor after a life estate ends
4
Q
What is a remainder estate? What is the third party called?
A
- Title is conveyed to a third party
- The third party is called the remainderman
5
Q
For a remainder estate, when the life estate ends, the remainderman receives a ___
A
fee simple estate
6
Q
What is it called when a life estate is created by law?
A
homesteaded property
