What is true about a Life Estate?

A life estate is a legal arrangement that allows one person, known as the life tenant, to use and benefit from a property for the duration of their life. After the death of the life tenant, the property then passes to another party, often referred to as the remainderman.

The statement about the life tenant needing to pay taxes and maintain the property is accurate because the life tenant has the responsibility to preserve the property and keep it in good condition during their lifetime. This includes paying property taxes, making necessary repairs, and ensuring the property does not fall into disrepair. This obligation arises from the life tenant's possession of the property and their right to enjoy its benefits while also being accountable for its upkeep.

The other options address misunderstandings about a life estate. For instance, the life tenant cannot sell the property without the consent of the remainderman, as their interest is not full ownership but rather a limited right tied to their lifetime. Additionally, a life estate is not indefinite; it lasts only for the life of the tenant, after which ownership reverts to the remainderman. Furthermore, while the life tenant has the right to use the property, it is still subject to the interests of the remainderman