Life Estate Flashcards
What is a life estate?
An estate measured by explicit life time terms
What is to A for Life?
Life Estate
What is to A for 50 years?
A leasehold interest
What is to A for life, but no more than 10 years?
A leasehold interest
What is a life estate pur autre vie?
A life estate measured by the life of another who is not the grantee.
To A for the life of B - what is created?
Life estate pur autre vie
What follows a life estate?
Reversion to O
Reminder if it is given to a third party
What are characteristics of the life estate?
1) Life T is entitled to ordinary use and profits of land
2) Life T may not commit waste.
What are the types of waste?
Voluntary (affirmative) waste
Permissive (negligent) waste
Ameliorative Waste (improvement)
What is voluntary waste?
Affirmative waste where an actual overt conduct of tenant cause drop in value.
What is permissive waste?
Waste by neglect.
Occurs when land falls into disrepair or life tenant fails to reasonably protect the land.
True or False: Life Tenant must maintain the premises is reasonably good repair.
True
What rights and obligations does life tenant have?
1) Right to all ordinary uses and profits from the land
2) Obligation not to commit waste
3) Obligation to maintain the premises in good repair
4) Obligation to pay ordinary taxes (either to extent of income and profits that LT is reaping from land or ordinary taxes = to fair rental value which is less than FMV)
Can the LT engage in ameliorative waste?
No cannot enhance the property value unless all future holders know and consent.
