A life estate can be created in real property (houses, unit and other real estate) and personal property (e.g. motor vehicles). A life estate gives a person a right to possession and enjoyment of property until their death. On their death the life estate is terminated and the person nominated by the owner is entitled to take possession.
A life estate can be created in a Will to give someone a right to live in a property until they die, at which time the property passes to the person nominated to receive the interest. A life estate is a convenient way to apportion the benefit in land by ensuring that one beneficiary has the use of the land or property for the duration of their life while preserving the capital for another beneficiary.
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