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What is a life estate and how does it differ from a fee simple estate?
Unlike a fee simple estate, a life estate is limited in time.A life estate lasts only as long as a particular person is alive. The holder of a life estate is called the life tenant.
What is the "measuring life"?
The life upon which a life estate depends is called the measuring life. It's usually the life of the person who has the life estate (the life tenant), although it doesn't have to be. If the measuring life is someone other than the life tenant, this is known as a life estate pur autre vie. "Pur autre vie" is French for "for another life."
When a life estate is created, there automatically is created a future interest in the property. What are the two types of future interest, and how do they differ?
The person who holds a future interest now will have fee simple title when the life estate ends. A future interest can be classified as either an estate in reversion or as an estate in remainder. If the future interest is held by the grantor or her heirs, it's an estate in reversion. If it's held by someone else, it's an estate in remainder.
What obligations (3) does the life tenant have for the future interest holders?
1. Pay taxes
2. Allow inspection from future interest holders
3. Not commit waste
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