In general law and statutory law, a place of residence is the ownership of the land during one's life. In legal terms, it is real estate in real property that ends at the time of death of ownership of the property may return to the original owner, or may pass to others. The owner of the dwelling is called "tenant of life".
In the combined jurisdiction between England and Wales since 1925, a real freehold intended to be 'held' for the purposes of life applies only as interest enjoyed in equity, in particular as an interest in ownership trust. The other type of land ownership is rent and although most long term leases for a period of between 99 and 999 years rent for life 'will be interpreted in a way that is often unpredictable either as a license or lease.
Video Life estate
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Ownership of an estate is of limited duration because it ends at the death of a person. The owner is a tenant of life (usually also 'measure of life') and carries the right to enjoy the benefits of property ownership, in particular income arising from rent or other use of property and the right to work, Since a life is no longer in the life-death of the person who measures, the tenant of life, the temporary owner, may let the short-term but can not sell, give or leave the property indefinitely (including assuming it can be passed on to the heirs) the recognized document leaves it to the devisees (testate).
A dwelling place pur autre vie (French law, "for the life of others") is held for the rest of the life of someone who does not own the land. This form of life arises where the tenant of life has thrown away the property, assuming such disposal does not trigger a special deprivation under the instrument of living flower. It also appears where the giver chooses to make a life measured from someone other than the life of the living tenant. A residence pur autre vie is most commonly created in one of two circumstances.
- First, when the property owner conveys his interest in the property to others, for the life of a third person. For example, if A conveys land to B during life C, then B has ground for C life; if B dies before C, heir B will inherit the land, and will continue to have it for C life. Second, if A passes the land to C for life, C can then sell housing to B. Once again, the heirs B and B will own the land for C life.
- In any scenario, once C dies, the ownership of the land will return to A. If A has died, the ownership will again be the heir of A. The right to successfully owning property at the end of life is called the rest . The remaining interest may be given to a third party (A to B for life, with fixed interest in C), or may remain with the grantor.
Clear distinctions should be made with plantations for (a) years, interpreted as leases or licenses.
At the time of death, assuming there is no wrong transaction on the innocent buyer, the property involved in a property falls into the ownership of the remaining person ( pl. remaindermen ) or return to the giver (all confusingly can be called 'refund' and 'return'). There is a small market for returns in real estate, which requires buyers to perform due diligence and improved physical examination.
A landowner from a plantation can not give "greater importance" to the plantation than it has. That is, property owners can not provide complete and unrestricted ownership (modest cost) to others because the tenant's ownership of life on property ends when the person who lives the gauge dies. For example, if Ashley tells Bob to Bob's life, and Bob delivers a property of life to another person, Charlie, to Charlie's life [an inherent real estate], then his interest in Charlie will only last until Charlie or Bob dies. Charlie's life interest or interest in pur autre vie (interest for the life of others, whichever has been applied) and most often the remaining property rights in the property (the 'flower back') moves to the people under the terms intent/rule of intent/declaration of trust/trust deed (UK) or will/the rules of intimacy/'grant or deed of live interest' (or similar) (AS) in the remainder or return to the original recipient, depending on the term Ashley. As life in the US can also be delivered to the life of the giver, such as "A passes X to B to A dies" and in England by trust transferring trust or assigning rather than delivering X.
If a live renter intends to transfer the underlying 'reversal' interest, which the life renter never possesses, it is an actable violation of trust for damages and may be a criminal fraud, but may not provide a final reversal (or a substitute beneficiary) in order to be able to obtain a court declaration that the property is their own if the property is in the hands of an innocent buyer for unannounced value (bona fide buyer).
The financial and physical responsibilities fall on the tenants of life under the legal doctrine of waste, which prohibits the ransom of destructive life or devalues ​​assets. In short, because the tenant's ownership of life is temporary, it fails to maintain or protect assets reasonably resulting in impairment, or indeed, destruction is the cause of action for the reversal.
A further limitation is the rule against eternity in many states and states that prohibit the entry into force of pre-19th century lifestyles that have been long-standing and can lead to premature discontinuation and compensation-rights over consecutive life interests. In England and Wales it is fixed at one lifetime, or 80 years which is longer.
Selling property while maintaining a common area of ​​life is known in France as " viager " where it is used more often than elsewhere, most notably in the case of Jeanne Calment, the longest man ever recorded.
Maps Life estate
Use of life property
In the United States, residence is usually used as a housing planning tool. An estate can avoid a will and ensure that the intended heir will receive the right property. For example, Al has a home and wants Bill to inherit it after Al's death. Al can streamline that desire by transferring home titles to Bill and maintaining a home at home. Al maintains a place of life and Bill receives the rest of the easy payouts. As soon as Al died, the flower of estate life merged with the rest of Bill, and Bill had a simple title. Such transfers risk the small risk of fraud on the beneficiary's part if he can easily point out in certain jurisdictions, modest fees, sell real estate to innocent buyers like when Al is on vacation but using will not be necessary and eliminating the need to determine the status of an asset. The second disadvantage for the giver is that the terms for any remaining (or male) (party C) can not be canceled without the consent of others. "Beneficiary allowances" have been formally created in some states to address this issue.
The laws of intimacy of certain American countries, such as Arkansas, Delaware, and Rhode Island limit the rights of the living spouse (inheritance) to the spouses of the deceased's real estate to an area of ​​life. Louisiana applies the detailed code (civil code) code has the same standard provisions for succession, called usufruct.
The laws of England and Wales intimidation from October 1, 2014 provide a total of £ 250,000 (or all non-joint land if less) and 50% of any advantage to the couple, the rest for adult children. This eliminates the remaining 50% enjoyed as the flower of life that has been applied from the 1920s.
The surviving couple (and rarely, others) benefit from the survival of any shared property.
Arrangements in the first paragraph will be in English interpreted as interest in trust ownership and are usually avoided because inheritance taxes are considered 'reservation benefits' requiring total annual income taxes that are entirely underestimated on any market rent that should be paid to legal owners, in England and Wales to continue to enjoy the assets.
Duration of a living estate
The area of ​​life is measured either by the life of the recipient ( pur sa vie ), or by the life of others ( pur autre vie ).
Validity of life estate
Legal and equity (US)
The area of ​​life in real estate is still made today. The life estate is more often used in trust instruments, usually in an attempt to minimize the effects of inheritance taxes or other taxes on the transfer of wealth. A prospective fall in taxes for the creator ('settlor') often occurs if the settlers have parted ways with all current and future interest. However many tax codes transfer the burden of property taxes to stakeholders of ownership (tenant of life) and can treat the person or remain as the second property owner/surplus.
Formally where a system comes from English law, the law divides into common law and justice - at their core formal titles and further comprehensive rules (especially to trust such interests). The latter usually can not defeat the property claim of a bona fide buyer for unannounced value, since the person has adequately examined the common law position of ownership. As the owner of legal interest, in the US, further embedded or legal interest consistent with the form of ownership can be made from the living area.
Therefore, due to their flexibility and potential complexity in the US, common law seldom recognizes an estate in private property (real goods and livestock other than land including buildings) but that interest is recognized on equity where adequate forms - laws and regulations enacting a formality on the creation of lifelong interests in personality.
In equity (England and Wales)
Since 1925, titles registered in England and Wales should, but most do not, express 'interest for life', 'life' or 'living lease' in the form of restrictions on the list. On the contrary the registered legal owner may hold various levels of infrastructure or property rights, but is usually an absolute interest. It provides a reliable 'mirror of title' that can be subject to very little interest. A saying of equality is 'When equity is equal, the law will prevail'. Equalization rejects the position of buyer law bona fide for unannounced value (including tenants or mortgagee), and since 'equity will not suffer errors without repair,' if any, will be limited to the solution in personam of the settler or the renter of life in which he confirms the area of ​​life, after trust, has been legitimately made:
- for live tenants; and afterwards
- for people who live at home, stay or resettlement.
Tenants of life have never been registered as owners in Land Registration because they are temporary, fair owners and have no right to have a transfer of land done. If the owner has died, the executor of the will, the administrator or the beneficiary all have the right to apply for a standard A form of restriction and are encouraged by an official guide to do so.
If the lease for more than seven years, the lease must be registered. Long term lease is for a period of between 99 and 999 years, and 'lease' shall be construed either as a license or lease.
Torrens Title jurisdiction
In most Torrens Title jurisdictions of life tenants, such as in the UK and US, the right to own and enjoy property, but once the tenant dies, the property will return to the remaining person. The main difference is, the life estate will be registered by the General Registrar of that jurisdiction, and will appear in the registered title. It has the effect of making them one of the 9 recognized interest types on the ground, and one of four that affirm ownership. The registration process in the Torrens title system usually confers indefeasibility to the life of the estate.
An estate holder can alienate his rights, but they will still die at the time of his death, regardless of whom he alienates him. At that point, the buyer must lose his land.
References
See also
- Inward interest has confidence
- Revert down payment
- Annuity of life
Source of the article : Wikipedia
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