A. - 'Life Estate' is an estate in property, held by the owner of the Life Estate only for life.
The Owner of the fee simple to the property is vested in other person(s) who own it subject to the right of the owner(s) of the Life Estate(s) to occupy and possess the real estate for the term of his/her/their life.
More than one person may own an interest in the same property for their respective lifetimes. These are all called Life Tenants.
The remaindermn is the person(s) that will acquire full ownership of rhe property on the death of all of the Life Tenants.
A Life Estate is most commonly created by the owner(s) of real estate conveying their interest in real estate to other(s), but reserving themselves a life estate" on the face of the deed.
Most commonly this would be a conveyance between elderly parents and a child or children. To many this may be used to avoid probate on their home.
i.e. whule they want to insure they don't lose their home, they want to go ahead and give it to the kids during their lifetime.
A Life Estate in real estate may also be created by a direct deed of a life estate which names another person as remainderman i.e. the person(s) who will own the property upon the death of the onwner of the Life Estate.
A Life estate may also be created or given by will or trust.
Upon the death of all the Life Tenants rhe property passes to the remainderman named in the instrument creating the Life Estate.
Property held in Life Estate is not a part of the 'probate estate of the deceased Life Tenant(s), and not subject to normal claims of creditors of deceased.
FAQ - Pre-Nuptial Agreements - Ante Nuptial