Define life estate. What are the characteristics of a life estate that make it a desirable tool for some grantors?
What will be an ideal response?
The right of the life tenant to use the property until his death or that of another named person.
A life estate is a method of passing property to one person while giving the remaining portion of the property after the life tenant’s death. People often use this to pass property to their children or grandchildren, called a “poor man’s will” sometimes, or to give a home to a spouse while leaving the property ultimately to the children. This second method is often used when a second marriage is involved or when the property has been in the family for generations, so as to prevent the spouse from selling the property without the children’s permission.
You might also like to view...
Which of the following is not an example of confinement, an element of false imprisonment?
A. Locking the victim in a room with one door and no windows. B. Placing armed guards outside the victim’s apartment while the victim is asleep. C. Posting a sign outside a store’s shoplifter detention area reading, “WARNING! ATTACK DOGS AWAIT OUTSIDE THIS ROOM!” D. Placing the victim in the back seat of an automobile, with all doors unlocked, driving at 75 mph on the interstate.
In distribution of the debtor's estate and property, secured creditors take priority over ____ creditors.
A. unsecured B. regular C. standard D. All of these choices are correct.
A contract may not be voluntarily entered into in the event of
a. mistake b. fraud c. duress d. any of the above
Encryption programs use mathematical formulas called __________ to scramble documents
a. forms b. algorithms c. computations d. formulas