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can then sell the life estate to Rachel. Again, Rachel and Rachel's heirs will own the land for as long as Monica lives best cd interest rate either scenario, once Monica dies, the ownership of the land will revert to Joey. If Joey has died, ownership will revert to Joey's heirs. The right to succeed to ownership of the property upon the expiration best cd interest rate the life estate is called a remainder. The early common law did not recognize a life estate in personal property, but such 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, typically in an attempt to minimize the effect best cd interest rate the inheritance tax or other taxes on transfers of wealth. The law of
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