Life interest

Querist : Anonymous (Querist) 07 August 2011 This query is : Resolved
what does the expression life interest means in regard to property.

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M/s. Y-not legal services (Expert) 07 August 2011
Again i warning you, don't post any query without giving respect to senior members. Here no one bound to answer for your commoned.

Advocate Rajkumarlaxman (Expert) 07 August 2011
They have a possessory right to the property for as long as they are alive. They can sell their individual interest in the property as they please. However they cannot convey an interest greater than they have, so if they sold the property it would revert to you and and the two other grandchildren upon death. You have a vested remainder in fee simple absolute, but you have no present possessory interest in the property. If you all wish to sell, there is no simple formula for determining what your mother and her sisters interest should be. The value of a life estate is contingent on the ages and expected life spans of your mother and her sister. It is worth significantly less than the future interest that you and the other grandchildren. If you can't agree on terms there is nothing to prevent your mother and her sisters from selling their life estate seperately, and you and the grandchildren can sell your vested remainder in fee simple absolute individually. However you are more apt to find a willing purchaser if you can come to some agreement, combine your property interests, and convey the property in fee simple absolute. In any event you are in the stronger bargaining position as not too many people would be willing to purchase a life estate.

Querist : Anonymous (Querist) 07 August 2011
ok tom respect now i want ur answer query

prabhakar singh (Expert) 07 August 2011
the expression life interest in regard to property means the person having life interest shall use the benefits of property till he is alive but shall have no right as owner and can not transfer it to some one else .

Arun Kumar Bhagat (Expert) 07 August 2011
That is usufructury right.

Guest (Expert) 07 August 2011
the right to possess and enjoy the benefits and not to encumber or alienate the property in his/her life time. It is covered under the transfer of property

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