TYPES OF LIFE INTEREST
Types of life interest refer to the different legal arrangements that grant a person the right to use or enjoy a property during their lifetime. Each type of life interest has its own specific characteristics and rules, such as the duration of the interest, the rights and obligations of the life tenant, and what happens to the property after the life tenant dies. Understanding the different types of life interests is important in estate planning and property law, as it can help individuals and their legal advisors choose the best arrangement for their needs and circumstances.
A life interest is a type of estate in property law that gives a person the right to use or enjoy a property during their lifetime. There are several types of life interests, including:
- Life estate: A life estate is a type of life interest where a person has the right to use and enjoy a property for the rest of their life, but they do not own the property outright. When the person dies, the property passes to a designated person or entity, known as the remainderman.
- Estate for life: An estate for life is similar to a life estate, but it is created by a legal instrument such as a trust, rather than by a deed. The person with the estate for life has the right to use and enjoy the property for their lifetime, but the property will eventually pass to the remainderman.
- Term of years: A term of years is a type of life interest that gives a person the right to use and enjoy a property for a fixed period of time, such as 10 or 20 years. When the term of years ends, the property reverts back to the original owner or passes to a designated party.
- Pur autre vie: A pur autre vie life interest is a type of life estate that is based on the life of someone other than the life tenant. For example, a person might be granted the right to use and enjoy a property for the duration of their friend’s life.
- Non-possessory life interest: A non-possessory life interest is a type of life interest that gives a person the right to receive income or other benefits from a property during their lifetime, but they do not have the right to use or enjoy the property itself.
These are some of the common types of life interests. The specific type of life interest granted will depend on the terms of the legal instrument that creates the interest.
FOR MANY MORE UPDATES AVAILABLE CLICK BELOW
CLICK THE BELOW LINK TO READ THE COMPLETE CONTENTS
SOME CONTENTS OF THIS WEBSITE ARE FOR GOLD SUBSCRIBERS ONLY.
Join us as a GOLD SUBSCRIBER and get access to read important books.
KIND ATTENTION
We are going to close all what’s groups of CEV soon due to difficulties in posting information or message in more than 5 groups of CEV at a time.
All future posts of empanelment notices & professional importance will be shared on
1. https://t.me/+dbHNkNO22xsyYTY1
2. www.valuerworld.com
3. The Twitter handle of CEV India
https://twitter.com/cevindia?t=XbqlvnwUVz1G3uPgs749ww&s=09
after closing the groups.
All members of these groups are requested to register themselves at the following link immediately for Getting all related timely updates.