A number of authorized devices in Virginia enable people to carry an curiosity in actual property throughout their lives. These pursuits, usually created by way of deeds, trusts, or wills, grant particular utilization and possession rights, however not outright possession. As an illustration, a life property grants a person the best to stay in a property till their demise, after which possession reverts to a chosen remainderman. Equally, a life tenant below a life lease holds the best to occupy and use a property for a specified lifetime, sometimes their very own, or the lifetime of one other particular person.
Such preparations provide important property planning benefits. They will present for the continued care and housing wants of a beloved one whereas making certain the eventual switch of the property to chosen heirs. Traditionally, these mechanisms performed an important function in land inheritance and household provision, and so they proceed to be related instruments for managing intergenerational wealth switch and securing long-term housing safety. Furthermore, these preparations can typically decrease property tax burdens and defend belongings from sure collectors.
