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Old Uncle Isaac has a cold and has become very morbid, talking continuously about funerals, death, ...

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Old Uncle Isaac has a cold and has become very morbid, talking continuously about funerals, death, ...

Old Uncle Isaac has a cold and has become very morbid, talking continuously about funerals, death, and wills. Now he asks about life estates and wills; should he give his wife, Juliet, a life estate? Which of the following is a true statement about wills and life estates?

▸ The life tenant is entitled to exclusive possession of the property for his or her remaining life and can extend the life tenancy by including the property in his or her will.

▸ A life estate can only be created by contract.

▸ The owner of the fee simple can grant a life estate only while he is alive.

▸ The holder of a life estate must not harm the value of the reversionary interest.

▸ If Isaac doesn't make out a will, his property will revert back to the Crown.

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Legal Fundamentals for Canadian Business

Edition: 4^th

Author: Yates

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