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Definition of life interest in English: life interestnoun mass nounLaw A right to property that a person holds for life but cannot dispose of further. as modifier a life-interest trust Example sentencesExamples - The husband remarried, and in another complicated arrangement, assigned his life interest in the wife's fund to the same trustees upon trusts in favour of his second wife.
- The way to accomplish this is by affecting a transfer of the property with retention of life interest.
- The donor's property now consists principally of a life interest in her late husband's estate, a 50% share in their house, other real property, cash on deposit and some investments.
- But they would still have created the same life interest, and any difference in the trusts in remainder was immaterial to that.
- The usufruct, or life interest, is commonly used in Spain to avoid payment of inheritance tax on half the value of the deceased's assets by a spouse.
Definition of life interest in US English: life interestnounlīf ˈint(ə)rəst Law A right to property that a person holds for life but cannot dispose of further. as modifier a life-interest trust Example sentencesExamples - The husband remarried, and in another complicated arrangement, assigned his life interest in the wife's fund to the same trustees upon trusts in favour of his second wife.
- But they would still have created the same life interest, and any difference in the trusts in remainder was immaterial to that.
- The donor's property now consists principally of a life interest in her late husband's estate, a 50% share in their house, other real property, cash on deposit and some investments.
- The usufruct, or life interest, is commonly used in Spain to avoid payment of inheritance tax on half the value of the deceased's assets by a spouse.
- The way to accomplish this is by affecting a transfer of the property with retention of life interest.
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