We use cookies to improve security, personalize the user experience,
enhance our marketing activities (including cooperating with our marketing partners) and for other
business use.
Click "here" to read our Cookie Policy.
By clicking "Accept" you agree to the use of cookies. Read less
What is a Conventional Life Estate? A Comprehensive Guide
Definition & Meaning
A conventional life estate is a type of property ownership that lasts for the duration of a specific person's life. This estate is established through a deed or a will, reflecting the grantor's intention to create it. The two primary forms of conventional life estates are:
Life estate for one's own life
Life estate during the life of another person, known as "estates per autre vie"
The individual whose life determines the length of the estate is referred to as the "cestui que vie." Once the specified person's life ends, the property typically reverts to the grantor or passes to another designated party.
Table of content
Legal Use & context
Conventional life estates are commonly used in estate planning and real estate transactions. They allow individuals to transfer property rights while retaining control during their lifetime or for the duration of another person's life. This legal concept is relevant in several areas, including:
Estate planning
Real estate law
Family law
People may use legal forms to create or manage a life estate, ensuring that their intentions are clearly documented. US Legal Forms provides templates that can help users navigate this process effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Here are two examples of conventional life estates:
Example 1: A grandmother creates a life estate for her granddaughter, allowing her to live in the family home until the granddaughter passes away. After that, the property reverts to the grandmother's estate.
Example 2: An individual grants a life estate to a friend, permitting them to use a vacation property for the duration of their life. Once the friend passes away, the property is transferred to the individual's children. (hypothetical example)
State-by-state differences
Examples of state differences (not exhaustive):
State
Key Differences
California
Allows for life estates to be created through oral agreements in certain circumstances.
New York
Requires specific language in the deed to establish a life estate clearly.
Texas
Life estates can be created but may have different implications for property taxes.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Life Estate
A property interest that lasts for the life of a specified person.
General term; can refer to any life estate, including conventional.
Fee Simple
Complete ownership of property without limitations.
Fee simple is permanent; a conventional life estate is temporary.
Remainder Interest
Future interest in property after a life estate ends.
Remainder interest is the next step after a life estate concludes.
Common misunderstandings
What to do if this term applies to you
If you are considering establishing a conventional life estate, follow these steps:
Consult with a legal professional to understand the implications.
Use US Legal Forms to find templates for creating a life estate deed.
Ensure that the deed clearly states the terms and the cestui que vie.
Consider discussing estate planning with family members to avoid disputes later.
If your situation is complex, seeking professional legal advice is recommended.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.