"A," an unremarried widower, grantor to "A," for a life estate, without any liability for waste, with full power and authority in said life tenant
to sell, convey, mortgage, lease or otherwise dispose of the property described herein, in fee simple, with or without consideration, without joinder of the remainderman, and with full power and authority to retain any and all proceeds generated thereby, and upon the death of the life tenant
, the remainder, if any, to "B," a single person, as grantee.
Third, while the life tenant
is institutionalized, if the property is rented (to a third party or at Medicaid's request because of a non-spouse family member residing there), rental income (net of operating expenses) from the property must be paid to the nursing home to preserve continued Medicaid eligibility.
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.
(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.
In 1950, at the age of 29, he became life tenant
of the "family business" - running the sprawling Arbury Estate, which today employs more than 100 people, including tenant farmers.
A life tenant
, he receives pounds 4million a year income from the Duchy, then pays 40 per cent tax and staff wages, leaving him pounds 1million
To illustrate how this technique serves to implement common intention, suppose a remainder to the "descendants" of the life tenant
, A, with a survival requirement.
The life tenant
of the estate receives an income from a trust, and Charles was given a "substantial" cash allowance ranging from [pounds sterling]300 to [pounds sterling]1,000 a week.
(42) However, ordinary use does not permit a life tenant
to do anything that injures the future interest in the property.
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.L.R.2d 299, 302-05 (1958); RESTATEMENT (FIRST) OF PROP.
* Interest in Possession Trust (IIP trust): A beneficiary (called the life tenant
) is entitled to the income from the trust for his lifetime and on his death the capital remaining in the trust passes to different beneficiaries.
Private Letter Ruling 8246123 involved a proposed sale by a life tenant
and two remaindermen (both of whom received their interests by gift from the life tenant
) of a home that all three occupied as a principal residence.
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