What Does Life Estate Mean at Life

What Does Life Estate Mean. Life estate an estate of freehold that exists for the duration of the life of the grantee. A life estate is an estate interest in land that lasts for the life of the life tenant.

A “life estate” occurs when a person has a legal right to use property during life, but does not own the property outright. What does life estate mean in real estate? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.

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Transferring real property through a life estate deed also means the specific parcel of real property is not controlled by the life tenant's will or trust, so probate is avoided. A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. In common law and statutory law, a life estate (or life tenancy) is the ownership of land for the duration of a person's life. The life estate and remainder interest are then transferred to different owners.