Diane

[knud6432]

My question is about and life lease on farm ground. Can you tell me what this is all about. If the person that owns the ground, what happens to the land after the owners death? Does it go to the family of the owner and the landlord still rents the ground?

 

[army judge]

My question is about and life lease on farm ground. Can you tell me what this is all about. If the person that owns the ground, what happens to the land after the owners death? Does it go to the family of the owner and the landlord still rents the ground?

Oh, you bring back awful memories of my property classes in law school.
You're asking about life estates, no doubt.
Life estates often have conditions.
These conditions are called precedents or antecedents.

You've forced me to resurrect painful memories of those awful property classes!

Nevertheless, I've put together a little explantion of life estates.

The specific answer to your end questions are contained within the document that granted the life estate about which you inquired.

You must read that for a specific answer.

If you post the terms of the life estate in question, I'll try my best to provide you with additional clarity.

See, I told you this stuff is PAINFUL!

A life estate is an interest in real property held only for the duration of a specified person's life (usually for the life of the person or people who have the life estate interest).
A life estate is a form of legal ownership that is usually created through a deed, will, or by operation of law.
It is an interest in real property that entitles the life estate owner (sometimes referred to as the life tenant) to the right to occupy, possess or otherwise use the property for the lifetime of one or more individuals (usually the lifetime of the person or persons who hold the life estate interest).

A life estate owner (the person with an interest in real property), that interest is subject to the duration of the specified person's life.
Unless the instrument establishing the life estate places restrictions on the rights of the life estate owner(s), the life estate owner has the right to possess, use and obtain profits from the property and EVEN to sell the life estate interest.
The life estate owner cannot take any action concerning the interest of the remainderman.
A life estate owner is also referred to as "life tenant" or "tenant for life."
The life estate holder has the right to possess and use the property for the duration of the life estate.
A remainderman is the person or people entitled to the remainder interest of an estate after the termination of a life estate.
The remainderman has an ownership interest in the real property, but has no right to possess or use it until the EXISTING life estate terminates.
Of course, said termination is contingent upon the death of the life estate holder.

A life estate is often created:

l when a person with property rights in real property transfers a remainder interest.
A property right that passes to a specified person or people upon the termination of a life estate interest.
Unless restricted by the instrument establishing the remainder interest, the remainderman is generally free to sell his or her interest in the physical property even BEFORE the life estate interest expires.
The life estate will always expire.
In such cases, the market value of the remainder interest is likely to be reduced because such sale is subject to the life estate interest in the property to another and retains a life estate interest in the property; or when a person purchases a life estate interest in someone else's property; or by operation of probate law.

A life estate is generally terminated when the life estate owner, or another specified person, dies.
LeeRoy can hold a life estate contingent upoin the life of his baby brother, Timmy.
Some life estates specify one or more other conditions, known as conditional limitations, which cause the life estate to be terminated, such as when the life estate owner leaves the home for six months or more. A life estate document specifies when the life estate terminates.