| the land, and will continue to own it for as long as Monica lives. Second, if Joey conveys Blackacre to Monica for life, Monica can then sell the life estate to Rachel. Again, Rachel and Rachel's heirs will own the emergency cash loan for as long as Monica lives In either scenario, once Monica dies, the ownership of the land will revert to Joey. If Joey has died, ownership emergency cash loan revert to Joey's heirs. The right to succeed to ownership of the property upon the expiration of the life estate is called a remainder. The early common law did not recognize a life estate in personal property, but emergency cash loan interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate is more commonly used in trust instruments, emergency cash loan in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth. The law of England and Wales no longer recognises the life estate at law in relation to land, instead the holder of legal title to the land (whether the freehold fee simple or a lease) will hold that land on emergency cash loan first for the life tenant and then for the remainderman. The National Association of Realtors (NAR), whose members are known as emergency cash loan is America's largest trade association, representing 1 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR's membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, |
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