Jsa725 wrote:bananapeanutbutter wrote:Does anyone know if joint tenants severe the joint tenancy if they convey a life estate? If not, is the life estate holder a tenant in common with the other joint tenant?
A and B are joint tenants. A conveys a life estate to C.
I'd imagine if he conveyed his reversion to D, then that would definitely severe the JT.
IIRC, unlike a 50 year lease where the O still retains the property (ownership not possession)... in a JT conveying LE, the O (A in this case) has given up all ownership and possession over the land for the duration of the LE. ... therefore, this is why lease does not sever but LE does.
Thanks a lot! Just want to make sure I follow you - so even though the party keeps a reversion that will go to either them or their heirs, by giving a life estate they are losing their ownership? But conveying property for a 1000 year lease wouldn't sacrifice their ownership?