Several legal instruments in Virginia allow individuals to hold an interest in real property for the duration of their lives. These interests, often created through deeds, trusts, or wills, grant specific usage and possession rights, but not outright ownership. For instance, a life estate grants an individual the right to live in a property until their death, after which ownership reverts to a designated remainderman. Similarly, a life tenant under a life lease holds the right to occupy and use a property for a specified lifetime, typically their own, or the lifetime of another individual.
Such arrangements offer significant estate planning advantages. They can provide for the ongoing care and housing needs of a loved one while ensuring the eventual transfer of the property to chosen heirs. Historically, these mechanisms played a crucial role in land inheritance and family provision, and they continue to be relevant tools for managing intergenerational wealth transfer and securing long-term housing security. Moreover, these arrangements can sometimes minimize estate tax burdens and protect assets from certain creditors.
