Life Time Right

Life Time Right

If I deed my son a piece of land and I want to have life time right to the land, what rights does that give me and my son. Really I am looking for the meaning of life time right. Please explain.


A "life estate" may be what you are referring to. If you own property, you can give a deed to your son so that he will own the property. That same deed can reserve a "life estate" for you so that you have the right to live in or use the property for the rest of your life. When you die your son will own the property. There should be no probate (but there may be an estate tax depending on the value). There are many other questions and answers on this website about life estates which you might want to search and read. Those may help you better understand the concept and issue and if necessary send in some more questions. The term is also defined in the glossary in this section. Finally, if you look at the "Seminar Materials" section of this website there are a couple of audio clips dealing at some length with home ownership, including a discussion of life estates. Be sure to use a local real estate attorney if you pursue this planning. There are many nuances that will require legal guidance.

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