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Inheritance is a limited form of ownership where the interest in a property is divided. A life tenant has the right to use, sell, or pass on the property but cannot confer it on death. The duration of inheritance is measured by the tenant’s life and ends on their death. The person who inherits the property after the tenant’s death is called the remainder.
An inheritance is a limited form of ownership where the interest in a property is divided. A person who has property for life has the right to enjoy the full use of the property during his lifetime, but has no right to confer the property on his death.
The simplest form of real estate ownership is an absolute simple rent. A simple absolute tax means that the owner has a 100% undivided interest in the property. He can use it, sell it or pass it on and leave it to someone else in his will.
With a viable estate, however, the person holding the estate has only a partial interest in a property. This interest allows him to use the property in any way he sees fit, for the duration of his life. The owner of a real property is also called a tenant vitae and enjoys the benefits of full ownership as long as he is alive.
As a full landlord, the life tenant can rent out the property for income. He can live on the property or build and improve it. He can also sell the property, if he wishes, to whoever he wishes.
The duration of the inheritance, however, is measured by the life of the person to whom the original interest was granted. In other words, only the life of the tenant is used to measure the term. This is true even if you rent the property to another person or convey your interest in the property to someone else.
The fact that the tenant’s interest ends on their death means that if they sell the property to someone else, their interest ends immediately on the tenant’s death. When a life property is created, the documents must therefore establish who the property will go to on the death of the life tenant. This person, who is vested with an interest in the property immediately upon the death of the tenant, is called the remainder.
When a tenant dies, the remaining interest in the property immediately becomes active. This is true even if the tenant has attempted to will the property to someone else, or has sold the property. A life tenant is unable to grant a greater interest than he has in the property, so any attempt by a tenant to will the property to an heir is invalid.
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