The owner of a life estate may lease her interests.

The owner of a life estate may lease her interests.

• A. Only with remainder man consents
• B. True
• C. False
• D. Not allowed

Answer: (B)

Having a life estate gives you the right to possess and use the property for your lifetime. That right includes the ability to lease the property to a tenant. So a life tenant can enter into a lease, as long as the lease respects the duties that come with a life estate—namely, avoiding waste, keeping up taxes and insurance, and not harming the property’s value for the future owner. The tenant gains a tenancy that lasts only for the life estate’s duration, ending when the life tenant dies. The remainder interest remains with the remainderman, who will receive the property after the life estate ends. Consent from the remainderman isn’t required for a standard lease, but the lease must not constitute waste or defeat the rights of the future interest holder.

Having a life estate gives you the right to possess and use the property for your lifetime. That right includes the ability to lease the property to a tenant. So a life tenant can enter into a lease, as long as the lease respects the duties that come with a life estate—namely, avoiding waste, keeping up taxes and insurance, and not harming the property’s value for the future owner.

The tenant gains a tenancy that lasts only for the life estate’s duration, ending when the life tenant dies. The remainder interest remains with the remainderman, who will receive the property after the life estate ends. Consent from the remainderman isn’t required for a standard lease, but the lease must not constitute waste or defeat the rights of the future interest holder.