What Is A Life Estate at Life

What Is A Life Estate. Life estate an estate of freehold that exists for the duration of the life of the grantee. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it.

When an owner of a home signs a life estate, they are in effect passing part of the ownership of a home to another person. The “life tenant” is the person who holds the estate throughout their entire lifetime. Therefore, it’s always for an indefinite period of time.

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There are numerous “incidents of ownership.” the two most important ones are: If you hold property in a life estate, you retain the right to occupy, possess, and enjoy the property during your remaining lifetime. The main advantage of using a life estate is to avoid probate. A life estate is commonly created with a life estate deed.