Estate - Legal rights and interests in your property

Sam

Under the United States Common Law, Estate refers to all legal rights, interests, entitlements and legal obligations associated with a property.

In matters related to will and probate, an Estate includes the total property of the deceased owner. An estate on which some interest is held is often called "Estate in Land".

Estates are of the following types.

Life Estate:

A life estate refers to an estate in property that ends at the death of the owner. This implies that the heirs cannot inherit the property after the owner passes away. Neither can the owner convey an interest exceeding what he actually owns in the land. Usually the life of the owner or any other person determines the quantity of life estate.
Estate for Years:

It includes an entitlement to the property by which a person can occupy the land as well as use it for a definite length of time.
Estate at Will:

The occupation of the property by a tenant for an undefined period of time is the estate at will. Each of the parties can terminate the agreement at their will.
Fee Tail Estate:

Fee tail estate describes a property which passes on to the owner's heirs at his death by the operation of the law. Such an estate cannot be sold or transferred through will.

Estates are often a portion of the Fee Simple or Fee Simple Absolute in Common Law. Fee Simple is the most common form of ownership of real estate. It represents complete ownership in a property excepting certain limitations put forward by the government.

In general, estate in land comprises of estates of inheritance and those not allowing for inheritance. The former category includes fee simple and fee tail estates which pass on to heirs under the law with or without restrictions. The estates not meant for inheritance comprise of the estate for years and life estate. Here the owner has no interest in the property title at the end of the specified term and hence cannot convey anything to his heirs.

All times are GMT - 7 Hours

Page 1 of 1