What is a lifetime estate priviledge?
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What is a lifetime estate priviledge?
Asked on February 23, 2012 under Real Estate Law, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
A "lifetime estate privilege", also known as a life estate is an interest in land that a person has been given by a particular person to use the stated property for his or her life time. The terms of the life estate regarding payment of property taxes, doing maintenance and upkeep and other matters are typically set forth in the life estate deed given to a particular person and recorded with the county recorder's office where the property is located.
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