Business / Real Estate / Life Estate: Any estate in real or personal property that is limited in duration to the life of its owner or the life of some other designated person. Although classified as a freehold estate because it is a possessory estate of indefinite duration, a life estate is not an estate of inheritance. For example, Bob Smith conveys his home to his son John and reserves a life estate for himself. Bob (the life tenant) has a life estate, and Hohn has a reversionary interest in the property. When Bob Smith dies, the fee simple property reverts to John.
Estate Noun Synonyms: property, holdings, domain, demesne, land, landed estate, manor, mansion
Life Noun Synonyms: existence, living, way of life, lifestyle
Life Verb Synonyms: existence, entity, being, sentience, viability
Business / Real Estate / Conventional Life Estate: A conventional life estate is created intentionally by the owner. It may be established either by deed at the time the ownership is transferred during the owners life or by a provision of the owners w MORE