A life estate in South Dakota gives the holder the right to:
Correct Answer
B) Use and possess the property for the duration of a specified person's life
A life estate grants ownership rights for the duration of a specified person's life (the measuring life). The life tenant can use, occupy, and even rent the property, but cannot will it because the estate terminates upon death.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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