Does an owner of a life estate have the same rights as a fee owner?

Answer 1

No. An owner of a life estate has the right to use the real estate for the terms of his life, or if it is a "life estate par autre vie", for the life of a designated individual. He must not commit waste on the property and must make reasonable efforts to maintain it.

Many of the rights of the owner of a life estate are listed in the document which created the life estate. A life estate can be created by a deed, either by the reservation of a life estate, or by deed such as "to A for life, remainder to B." It can also be created by a will -- "to my wife, W, for life, remainder to my son, S".

In general, an owner of a life estate may not mortgage a property. In order to get a mortgage on a property, the mortgagee needs to secure a valid lein against the property. In such an instance, both the life tenant and the remainderman or remaindermen must sign.

The sickness or disability of a life tenant does not invalidate a life estate. If a life tenant must leave the property, whether it be a farm or a dwelling house, the life estate would continue even if he or she were living in a nursing home.

An owner of a life estate may convey the life estate to another. However, not many people would want to buy a life estate for the life of another individual who may not be related.

The owner of a life estate may accelerate the remainder and extinguish the life estate by conveying the life estate to the remainderman. With the merger of the life estate and the remainder, the estate would then be in fee simple ownership and could be sold or mortgaged.

Answer 2

No. A life estate terminates on the death of the owner & the remainder of the estate then passes to the "remaindermen" named or identified in the granting instrument. A "fee simple" estate does not terminate but instead automatically passes either to the fee owner's heirs or his designated testamentary beneficiaries. A "fee taile," -- which I suppose can still be created tho' I've never seen one outside of a law book or work of fiction (The plot of Jane Austen's "Pride & Prejudice," is driven by an entailed fee) -- is a cross between the two in that upon death of the owner, the remainder must pass to the owner's heirs (or male heirs as in P&P, or "issue," meaning biological children).

Answer 3

There are those of us who would try to help you but you did not explain the question enough. What is a "Life Estate" or a "Fee Owner" I have a feeling this is not from the United States.

Answer 4

No a fee owner...owns is subject to any restictions if there are any,

If you have a life estate consider yourself a tenant for life...you are not an owner...you have alot fo restrictions as to what you can do with the estate.

Answer 5

Usually no.
If you are studying law, as I suspect, please do yourself a favor and do the work yourself in the future. Otherwise you probably won't be able to pass the bar or be a good lawyer. Good luck.