Question

Andrea, who is 75 years old, owns a beautiful home in Palm Beach. She has been dating a younger man named Ashton. Ashton is only 23 years old but comes from a wonderful family. While drafting her will, she decides to leave Ashton an interest in her home for the rest of his life. Andrea believes that Ashton is incapable of providing his own home, so she wants him to have a home for the rest of his life. However, once Ashton dies, she wants the property to pass to her great grandchildren, Arden and Allen. What type of interest has Andrea left Arden and Allen?

Answer 1

Life estate.

Step-by-step explanation:

Since the property will only be enjoyed for the rest of Ashton's life and should be passed to Andrea's (the original owner) great grandchildren, Arden and Allen, such interest is termed life estate.

Life estate is the ownership of a land and/or the property on the land for the period of the person's life, therefore it is of limited duration. This estates is terminated by the death of the owner which is then returned to the original owner or be passed to another person(s) as the case of Andrea. Also, he can let this property out for a short term but cannot sell it.