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A life interest is a right to the use or benefit of property for the duration of your natural life. The fee interest is owned by the remainderpersons.

An example might be: Betty is a 65 year old widow whose children are grown and have families of their own. She wants to make sure her boyfriend Ralph has a roof over his head if she dies but she wants her children to ultimately inherit the home. She could create a life estate in her will which grants Ralph full use of the property until his passing and then the remainder is to go to her children. Ralph does not have the right to sell or dispose of the property. Ralph also has the duty to reasonably protect the property's value. Once he dies, the property is owned by the remainderpersons free and clear of the life estate. No other action is necessary.

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13y ago
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9y ago

It essentially means that you may have given the right of title to someone else, but you will retain the item until your death.

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Q: What does lifetime interest in property mean?
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Related questions

What does it mean to have an interest in property?

That means you own a right in the property or have an ownership of the property in part or in whole.


Who is deeded owner?

That would mean a property owner who acquired their interest in the property by virtue of a deed.


What does it mean when someone says they will deed their interest in the property?

That means they own an interest in real property and they will execute a deed that transfers their interest to a new owner. The proper way to express that transaction is they will "convey" their interest by deed.


What does this mean have you ever held an interest in residential land?

Owned property.


Can the joint property holder transfer the property?

Generally, they can transfer their own interest in the property but not the interest of the other co-owner.Generally, they can transfer their own interest in the property but not the interest of the other co-owner.Generally, they can transfer their own interest in the property but not the interest of the other co-owner.Generally, they can transfer their own interest in the property but not the interest of the other co-owner.


Can a co-signer be removed from a title?

No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.


Can a lien be placed on a house from a bank debt from a tenant?

No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.


Who name is a deed in if they have a lifetime dowry?

Person has lifetime dowry to live in home on the property, but property is deeded to someone else. If the person with the lifetime dowry moves out of the home and then moves backs did they relinquish thier lifetime rights?


Why do people do a quitclaim deed on their properties?

In order to transfer their interest in the property to a new owner.In order to transfer their interest in the property to a new owner.In order to transfer their interest in the property to a new owner.In order to transfer their interest in the property to a new owner.


Can my tax lien be placed on my mother's property if I have no ownership and haven't lived there for 10 years?

No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.


What does divided interest mean as far as property goes when a father gives two children property but he has a liftime dowery?

Say that a married couple own a house together. They have what is called equal and undivided interest in the property. They each have full interest, but they can't say: "Joe owns the den and garage, and Mary owns the closets and bathrooms". They each own all of it. Divided interest is where various parts of property go to separate individuals.


Will you ever own a interest only property?

Interest only property loans are a type of loan in which includesan option to make a payment on the interest. I would not ever own an interest only property because I do not plan on buying a house.