The trustees may have power to pay capital as well as income to the life tenant; alternatively they may have rights to transfer ( " appoint " ) property to other beneficiaries ahead of their entitlement.
32.
That is, a life estate owner cannot give complete and indefinite ownership ( fee simple ) to another person because the life tenant's ownership in the property ends when the person who is the measuring life dies.
33.
The general rule in relation to any trust fund is that the life tenant is entitled to all of the income, and the remainderman then takes all of the capital on the death of the life tenant.
34.
A life tenant who is granted an estate " without impeachment of waste " ( may not be sued for waste ) may not commit acts of flagrant destruction inconsistent with the fruitful use of the land.
35.
The general rule in relation to any trust fund is that the life tenant is entitled to all of the income, and the remainderman then takes all of the capital on the death of the life tenant.
36.
Yet another reason for using a life estate rather than a fee simple transfer is that with the former form of ownership, the life tenant remains the owner for purposes of qualifying for tax benefits available to the property owner.
37.
On the other hand, Treacy said, when a life estate is used, the transfer is considered an " incomplete gift " for tax purposes because the passage of title doesn't become " complete " until the death of the life tenant.
38.
The life tenant cannot open the land to search for minerals and other natural resources, but if the quarries or mines were open before the tenant took the life estate, then it is not waste for the life tenant to continue their use.
39.
The life tenant cannot open the land to search for minerals and other natural resources, but if the quarries or mines were open before the tenant took the life estate, then it is not waste for the life tenant to continue their use.
40.
The measuring life could be the grantor, a life tenant, a tenant for a term of years, or in the case of a contingent remainder or executory devise to a class of unascertained individuals, the person capable of producing members of that class.
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