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Life estate
Hello
Can some one explain to me what the difference between a life estate and an estate being gifted to some one in a will. I have a friend who says she was gifted with a house from her inlaws and then said it was a life estate. When I asked her to explain she says they were the same thing. I was just curious if she knew what she was talking about. Thanks |
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Here's a definition: "life estate n. the right to use or occupy real property for one's life. Often this is given to a person (such as a family member) by deed or as a gift under a will with the idea that a younger person would then take the property upon the death of the one who receives the life estate."
Life Estate legal definition of Life Estate. Life Estate synonyms by the Free Online Law Dictionary. |
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