Explain about Fee Simple Estate

Question

Explain about Fee Simple Estate?

Answer 1

Under a life estate, the holder is entitled to exclusive possession of a property for her lifetime. However, a life tenant cannot commit acts of waste (change the property in a way that significantly reduces its value). On the death of the life tenant, the property reverts back to the person who holds the fee simple unless the latter person has transferred the reversionary interest to a third party (called a remainder). As well, the life tenant cannot bequeath the property since on her death; the property reverts to the person who bestowed the life estate. Life estates are often used in family situations but are rare in business situations. The holder of a leasehold estate has exclusive rights to a property for a specified period of time.