Business and Personal Finance Dictionary

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• LIFE ESTATE DEED
  
  A document used to convey title in real estate from one party to another but only upon the death of the grantor. A life estate allows the grantor the right to own or possess real estate until his or her death. Upon the life estate holder’s death, the property is automatically conveyed to another person or persons who hold a remainder interest. The holder of a remainder interest is often called a remainderman because he or she gets the remaining interest in the property.
  
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