life tenant


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Related to life tenant: life estate, Life tenancy
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  • noun

Words related to life tenant

a tenant whose legal right to retain possession of buildings or lands lasts as long as they (or some other person) live

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References in periodicals archive ?
Thus, the widow acquires a life estate and functions as a life tenant with the children becoming the remaindermen.
This is often the responsibility of the life tenant but you need to look at the will or trust deed.
On most landowners there is no obligation to investigate ownership of manorial rights; however, the position is very different with trustees and life tenants under a Settled Land Act Trust who have a legal obligation to protect the assets of the trust.
The homestead "ownership" requirement under the Florida Constitution does not restrict the type of property ownership; therefore, a life tenant can qualify for the homestead creditor exemption with his or her life estate.
20) First, in section 138 the Restatement declares that a life tenant has a duty not to diminish the "market value" of the subsequent interests.
If the life tenant, A, had two children, X and Y, and X predeceased the life tenant but Y survived the life tenant, Y would take it all if X left no descendants surviving the life tenant, but X's descendants would divide X's half if X left descendants surviving the life tenant.
If a life tenant goes into a nursing home, the local authority cannot then take the assets in the trust to pay for their care, depending on when the transfer and trust were completed.
Allen, Annotation, What Acts, Claims, Circumstances, Instruments, Color of Title, Judgment, or Thing of Record Will Ground Adverse Possession in a Life Tenant as Against Remaindermen or Reversioners, 58 A.
This situation has created significant inequities in the life tenant and remaindermen relationships.
A life estate in real property is a type of ownership in which a life tenant owns the property during his or her life and a remainder interest holder owns the property free and clear on the life tenant's death.
As for the first question, neither the Official Comment nor the drafters' law review commentary(7) presents empirical evidence indicating that most trust settlors want a remainderman to lose the remainder if he does not survive the life tenant, substituting his descendants for him if he leaves descendants.
Decisions involving the improvement or sale of the homestead often involve conflicting interests among the life tenant and the remaindermen.
79-238, in which a contractual arrangement by which one sibling promised to transfer property to another sibling's children in the event the latter sibling predeceased the life tenant or a trust was held to be a completed gift at the time the contract was entered into.
The life tenant is liable for mortgage payments, taxes, and upkeep of the homestead property.
1014(b)(9), which allows the heirs to take the property with a stepped-up basis equal to its FMV at the lime of the life tenant's death if the life tenant retains his interest in the property at death (Sec.