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life of Monica, then Rachel owns the land for as long as Monica lives; if Rachel dies before Monica, Rachel's heirs will inherit the land, bank rate inc 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 land for as long as Monica lives In either scenario, once Monica dies, the ownership of the land will bank rate inc 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 of the life estate is called a remainder. The bank rate inc common law did not recognize a life estate in personal property, but such interests were bank rate inc 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 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 bank rate inc simple or a lease) will hold that land on trust first for the