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 the above.

Question

Quizplus · Accepted Answer

A life estate is an ownership right in property for the life of any individual designated by the grantor, known as the life tenant. This individual can be the grantor themselves or someone else they designate. Option A is incorrect because the ownership right terminates upon the death of the life tenant, not the grantor. Option C is incorrect because there is no prescribed wording necessary to create a life estate, but clarity and specificity are essential to avoid confusion or any disputes.

Which of the Following Is a True Statement Concerning a Life