Definitions from the Web
Term: Life Tenant
Definition: A life tenant refers to a person who holds a life estate in a property, which grants them the right to use and enjoy the property during their lifetime.
Senses and Usages:
- Legal Sense: In legal terms, a life tenant is someone who retains the use and possession of a property for the duration of their life.
- Estate Planning: Life tenancy may play a crucial role in estate planning where an individual grants a property to a life tenant and designates the remainder interest to another beneficiary.
- Real Estate: In the realm of real estate, life tenants are responsible for the maintenance and property taxes during their tenancy.
Sample Sentences:
- As a life tenant of the estate, John has the right to live in the property as long as he is alive.
- The will specified that Mary would be the life tenant of the family home, with ownership transferring to her children after her passing.
- Life tenancy can complicate the sale of a property, as the consent of the life tenant is typically required.
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