So what exactly is a life estate? A life estate is a piece of property.
Basically, if you own a life estate, you own that particular piece of property, usually a house and its contents, for the entire span of your life.
However, you do not own it completely; it is not totally titled to you.
Seems confusing? Let's have an example.
A widow wishes to remarry, and she and her new husband have decided to move into her house.
However, she has children from her first marriage, and she wants to leave the house to them after she dies, not to her second husband and his family.
This does not mean that the second husband cannot stay and live in her house.
It just means that the house will not be inherited by the husband if she dies before he does.
The second husband will get a life estate in the house.
He can live there and stay there for the entire span of his life, even if the widow dies before he does.
He has complete liberty to do whatever he wants in and with the house, and while he has the responsibility of maintaining it and keeping it in good condition, he is not entitled to sell it to someone else.
However, though he is entitled to the house, it is only for the span of his life.
When he dies, the house will be inherited by the widow's children, or by whoever she wishes it to go to.
A life estate can be created in a will, and it can also be created through a property deed, a trust, or pre-nuptial agreement.
However, if you wish to make life estate arrangements, it is best to consult a lawyer than to do it on your own.
You don't want to regret your decision if something wrong happens or your wishes are not followed, especially because a lot is at stake.