This lesson will examine the life estate, the shortest freehold estate in land recognized by Anglo-American law.
On completion of the lesson, the student will be able to:
1. Define a life estate.
2. Define a life estate pur autre vie.
3. Define a defeasible life estate.
4. Define a reversion.
5. Define a remainder.
6. Discuss three ways to create a life estate.
7. Identify the measuring life for a life estate.
8. Explain the legal characteristics of a life estate.
9. Explain the legal obligations the owner of a life estate has to the holders of future interests in the property following the life estate.
10. Explain a devisable life estate.
11. Discuss the life tenant's rights to exclusive possession, income, and profits.
12. Discuss the life tenant's duty with respect to waste.
13. Discuss the methods courts will follow to determine whether a life estate results, where there is no express indication that there should be a life estate.
14. Explain when it might become necessary to separate the value of a life estate from the value of future interests.
15. Explain the fundamental considerations on which a court might allocate the valuations between the life estate and future interest.