Summarize the different estates in property.
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A fee simple estate is the total ownership of the property and is not subject to restrictions, and the owner is entitles to all rights and privileges associated with the property. A fee simple estates is fully transferable during the life of the owner, may be transferred by will, but is subject to the claims of creditors. A life estate is the right of a person to use the property until their death, although it may also be held for the life of another person.
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