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Real Property • Present Possessory Estates
PROP#009
Legal Definition
A life estate is a present possessory estate measured by the life of a person or lives of people.
Plain English Explanation
A life estate generally means "it's yours until you die, then it goes to someone else." The key takeaway is that a life estate gives someone the right to presently possess the land for a period of time equal to a the recipient's life, then the land either goes back to the original grantor or to whoever else is identified in the conveyance. Kinda creepy, but effective.
Hypothetical
Hypo 1: Oz conveys Blackacre "to Amy for Life." Result: Amy has a life estate in the land for as long as she is alive. When she dies, since no one else is specified in the conveyance, it will revert back to Oz.
Hypo 2: Oz conveys Blackacre "to Amy for Life, then to Bob." Result: Amy has a life estate in the land for as long as she is alive. When she dies, Blackacre transfers to Bob.
Hypo 2: Oz conveys Blackacre "to Amy for Life, then to Bob." Result: Amy has a life estate in the land for as long as she is alive. When she dies, Blackacre transfers to Bob.
Visual Aids
Related Concepts
How is a fee simple determinable created?
How is a fee simple subject to condition subsequent created?
In assessing a present possessory estate, what is affirmative waste?
In assessing a present possessory estate, what is ameliorative waste?
In assessing a present possessory estate, what is permissive waste?
What are the 3 types of waste a life estate holder may commit?
What are the present possessory estates?
What happens when a life estate holder renounces his interest?
What is a defeasible fee?
What is a fee simple absolute?
What is a fee simple subject to executory interest?
What is a fee tail, how is it created, and what is the result of its creation in most jurisdictions today?
What is a life estate pur autre vie and how is it created?
What rights and duties do the holder of a life estate have?
What will a court do if it is not clear whether someone intended to create a fee simple determinable or subject to condition subsequent?
