Estate Law Questions? Ask an Estate Lawyer.
This is attorney Bill looking into your legal question.
Is your question in relation to real property or an insurance policy ?
If it is real estate, what is the specific wording of the life estate ?
The grant of a life estate means that the grantee has the right to live there and use the land/house but not cause damage to it.
They have a possessory right for either their life or the life of another depending on the specific wording. A life estate is an interest in land and is transferable unless otherwise stated on the last will and testament.
Hence, the holder of the life estate is free to rent out the property to another person or use his or her right for other profit.
The ability of the holder not to transfer his right can only be qualified by the will, otherwise the holder is free to do as he or she wishes with the life estate but may not cause waste to the land or property during their life estate.
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