Word Watch · Term 06 of 30 · 0:53

Life estate

ProductionIllustrated Click2CE lesson; AI-assisted production with Sarah narration

In brief

A life estate lasts for a measuring person's lifetime, with a future interest taking effect when that estate ends.

Example

Separate the person entitled to use the property during the measuring life from the person holding the future interest.

TranscriptRead along, or select a timestamp to jump there
  1. One home.
  2. Two successive interests.
  3. In this example, Morgan holds a life estate
  4. measured by Morgan's own life.
  5. Riley holds the remainder.
  6. Morgan has the present right to possession.
  7. Riley's right to possession comes later.
  8. Watch the timeline.
  9. When Morgan's measuring life ends, the life estate
  10. ends, and Riley's remainder becomes possessory.
  11. Now rewind.
  12. Suppose Morgan transfers the life estate to Casey.
  13. Casey receives only the interest Morgan had.
  14. The measuring life is still Morgan's.
  15. The transfer does not turn it into permanent
  16. ownership.
  17. A life estate can also be measured by
  18. another specified person's life.
  19. Quick check:
  20. can transferring a life estate extend it beyond
  21. the measuring life?
  22. No.
  23. The measuring life still sets its duration.

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