Which of the following is a true statement concerning a life estate?
A) A life estate is an ownership right for the life of the grantor.
B) A life estate is an ownership right in property for the life of any individual designated by the grantor.
C) A life estate requires special wording, prescribed by statute, to create it.
D) None of these.

Question

Quizplus · Accepted Answer

A life estate is indeed an ownership right in property that lasts for the life of any individual designated by the grantor, not necessarily the grantor themselves. This means the grantor can specify another person whose life will determine the duration of the estate.

Which of the Following Is a True Statement Concerning a Life