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Legal Life Estate Definition. What is a life estate? The major forms of legal life estate are the homestead, dower and curtesy, and elective share.
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If the grantee should assign his interest, that taken by the assignee is referred to as an estate pur autre vie (i.e. Estates for life are divided into conventional or legal estates. An estate in real property whose duration is limited to the life of the party holding the life estate, or of some other person.
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A life estate is a special ownership arrangement that allows you to share a property with someone else. The life estate and remainder interest are then transferred to different owners. “a life life estate (more in the u.s.) is an interest in real property (more in the united states here), the duration of which is limited by the life of some person. Life estate means a legal arrangement entitling the owner of the life estate (sometimes referred to as the “life tenant”) to possess, rent, and otherwise profit from real or personal property during their lifetime.
