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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10591
Experience:  Barrister 17 years experience
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What is "lifetime interest" relating to property?

Customer Question

What is "lifetime interest" relating to property?
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. A "lifetime interest" or a "life interest" in property is one which lasts for the duration of the life of the person named. For example, if Mary has a life interest in property, then the right to use and live in the property lasts as long as Mary herself is alive. When she dies, the interest in the property ends. Accordingly, the name is ***** ***** a "lifetime" right or interest in the property.
Expert:  Buachaill replied 1 year ago.
2. If you want to provide more details, I will be happy to help you further. However, the key idea is that the interest in the property lasts for a lifetime of the person named.