Life Estates Flashcards
Conventional Life Estate
A fee simple granted for life of an individual
Curtesy Right
The legal right of a widower to a portion of his deceased wife’s real property
Dower Right
Old English law wherein any property bought during marriage belongs to the husband, but husband and wife share use of the property
Estate in Remainder
The interest that takes effect after the termination of a prior estate, such as a life estate
Estate in Reversion
The interest that reverts to the grantor after the termination of a prior estate such as the expiration of a lease or the death of a life tenant
Estate Pur Autre Vie
A life estate to one person that expires on the death of another person
Homestead
A person’s primary residence
Homestead Exemption
Law that automatically exempts the homestead of any person 18 years of age or over, married or single, who resides in the state and is the head of the household
Inchoate Rights
Incomplete rights; for dower and curtesy rights, they do not begin until the death of a spouse
Legal Life Estate
The life estate created by state laws; the only legal life estate applicable in Arizona is the homestead exemption
Life Tenant
A person who holds a freehold interest (life estate) in property for his or her lifetime or for the lifetime of another designated person
Remainderman
The third person with the remainder interest in a life estate
