Definitions for "LIFE ESTATE"
Keywords:  freehold, reverts, autre, vie, pur
a property interest existing for the life of the holder, and not passed on to that person's heirs
A life estate enables a landowner to sell his or her property to an agency such as a forest preserve district yet to be able to continue to live on it. Upon the owner's death, the full title of the property transfers to the forest preserve district. A life estate is useful when a district has acquired all but one or two parcels of land, and the remaining targeted property is where an elderly person lives. She does not want to move, but she is interested in having the land become a park in the future. If the parcel will complete the park but is not essential to its current development, the district could buy the land from her subject to a life estate.
Property interest that gives a person the right to live on certain property for life but does not pass ownership interest onto that person
The title to the income interest vested in a life tenant.
The title of the interest owned by the life tenant (income beneficiary).
Less than a fee simple ownership created for the life of anyone except the grantor.
Keywords:  company, insurance
Life Insurance Company