Definitions for "Life interest"
Related Terms:
Remainder interest, Life tenant, Remainder, Life estate, Estate for life, Vested remainder, Reversionary interest, Life beneficiary, Retained life estate, Remainderman, Bequest, Remainder estate, Qtip, Probate estate, Remainder beneficiary, Qualified terminable interest property, Life estate agreement, Bequest, Escheat, Residuary estate, Estate, Estate of inheritance, Present interest, Heirs, Succession, Qtip trust, Qualified terminable interest property trust, Ademption, Heir, Residuary, Reversion, Heirs and assigns, Ab trust, Testamentary gift, Gross estate, Revocable living trust, Legacy, Residuary beneficiary, Specific bequest, Bypass trust, Living trust, Tenants-in-common, Ancillary probate, Distributee, Marital trust, Ancillary administration, Revocable trust, Tenant in common, Transfer on death, Irrevocable living trust
The right to receive the income from, or to enjoy the occupation of, property for the lifetime of the life tenant. In Scotland, it is called a liferent. It will usually arise under the terms of a trust deed or Will but may arise by operation of law. When the life tenant dies, the property does not pass with his estate but goes to the beneficiaries identified by the document that set up the trust. However, the value of the property may be charged to inheritance tax on the death of the life tenant.
A common form of interest in possession in settled property where a person has an interest for the duration of their lifetime.
the right to use property or receive income from a trust for the duration of one's lifetime.
An interest in real estate for a period of the life of the one having the interest or the life of another.
A form of property ownership, also known as a life estate, giving the holder (the life tenant) an interest in the property to possess, use, and enjoy the property, or income from the property, for the duration of their life. Upon the death of the holder, the remainder interest automatically reverts to the original owner or passes to a beneficiary (known as the remainder person).
Benefits awarded by a Will to be enjoyed only during the beneficiary's life.
A life interest (or life estate) gives a person (usually a surviving spouse) the right to receive income from the estate of a deceased person. That person is called the "life tenant". When the life tenant dies, their right to life interest finishes. Many life interests state that the life interest will terminate if the life tenant remarries. The life interest does not entitle the life tenant to any other portion of the estate. It is limited to income (e.g. rents or interest) and excludes capital (e.g. purchase money or compensation for land).
An interest lasting for the duration of a person's life and which automatically terminates on the occasion of the death of the person in question. Close
The right to enjoy for life (or until a specified time period has elapsed or an event has occurred, like someone remarrying) either money or property which will eventually revert to the original estate in some way on death - instructions are included in the Will as to what should happen to the gift when the life interest ends.
Life Interest is where you have the right to receive income or benefit from an asset for as long as you live but are not entitled to the asset itself.
The estate or interest that a person has in property that will endure only during his own or someone else's lifetime.
a life interest is, as the name implies, an interest which a person has in something for the duration of their life. An example would be if you lived in a property with someone, that person might on their death, grant you a life interest in the property; that is to say you would be entitled to remain there for your life but could not sell the property nor leave it in your will to a third party.
The right of a beneficiary to benefit from part or all of an estate for their lifetime.
An absolute right to the income but not the capital of an asset.
A benefit given to a beneficiary in a will that permits that beneficiary to enjoy or have the use of some property or some amount of money for the balance of the beneficiaryâ€(tm)s lifetime only.
A two-stage form of legacy in which the first beneficiary is given, for example, the use of your house or the interest on your bank or building society account during their lifetime. After their death, the house or capital passes to a second beneficiary named by you in your will. Quite often a charity is the second beneficiary.