Estovers refer to the right of a tenant or life tenant to use timber on the leased premises for proper maintenance of the property.
An interest-in-possession trust ensures that the income generated by the trust's assets goes to a specific beneficiary or beneficiaries for a fixed period or until the life tenants' death. Subsequently, the capital passes to the remainderman.
A life estate is an interest in property that lasts for the duration of a person's life, providing certain rights and responsibilities for the life tenant.
A life tenant is an individual who has the right to use and occupy property for the duration of their life or the life of another designated person.
Settled property refers to property that is included in an interest-in-possession trust, where beneficiaries have the right to benefit from the property during their lifetime.
