Knowledge Base

Yes, a life tenant is the owner of the property during his or her lifetime. An example of a legal life estate is where parents convey their home to their children but reserve the right to live there for the remainder of their lives. The parents are the life tenants. During their lives, they have possession, use and enjoyment of the property, are assessed the property taxes and have an obligation to pay them. Therefore, they may receive personal exemptions if they are otherwise eligible. The children are the remainder-men and become the owners and take possession of the property after both parents have died.