Conventional life estate
A life estate that is intentionally and
voluntarily created by an owner of real estate, either by deed if the owner is
alive or through a will if he or she is deceased. The estate is conveyed to a
life tenant, who holds the estate until his or her death. During the life of
the life tenant, he or she enjoys all the rights and privileges of property
ownership, except that he or she is prohibited from laying or committing waste
to or upon the property (damaging the property or causing its value to
diminish). A conventional life estate ends upon the death of the life tenant.
Ownership of the property passes to another or reverts to the original owner or
his heirs, depending on the provisions of the life estate.
If the conventional life estate is also an estate pur autre vie, the estate is held for the duration of the life of some other specified person rather than the life tenant.
Added: Wed Jun 25 2008