A life estate may terminate, during the lifetime of the life tenant, upon the occurrence of any act providing for the termination in the instrument creating the life estate. A life estate may terminate by the merger of the estate of the life tenant and the estate of the reversioner or remainderman.
What is the name for a life estate that is measured by the life of a person other than the life tenant?
Life Estate Pur Autre Vie
An interest in land that lasts only as long as the life of a specific person. Life Estate Pur Autre Vie: A life estate that is measured by any life other than the life of the holder of the life estate.
How to prove the termination of a life estate?
Proving the Termination of the Life Estate by the Death of One of the owners of a Life Estate in real estate is a simple procedure. Simply file an Affidavit of the death of the deceased Owner of The Life Estate and a copy of the death certificate in the Office of the Clerk of the County where the real property is located.
How is the value of a life estate determined?
The interest remaining after the death of the life tenant is called the “remainder interest”. After the death of the life tenant, the remainder man enjoys full ownership of the life estate land or property. A life interest in property has a value that can be determined by an actuarial calculation done by a professional actuary.
How is the remainder of a life estate divided?
In a life estate deed, the property in question is split between two kinds of parties. One, called the life estate, is gauged depending on the number of years the owner lives. The other, referred to as the remainder interest, or just “a remainder,” transfers to others. Both the remainder interest as well as the life estate are passed on.
What happens to the interest on a life estate?
The interest remaining after the death of the life tenant is called the “remainder interest”. After the death of the life tenant, the remainder man enjoys full ownership of the life estate land or property.
