The Nevada Life Estate Deed is a legal document that transfers ownership of real estate to two separate parties: (1) the Life Tenant, and (2) the Remainderman.
The Life Tenant
As in other states, the Nevada Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s.
In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates.
However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.
The Life Tenant's use of the property is similar to the fee simple absolute owner's use except for certain restrictions around committing waste. Waste is when a Life Tenant lets the property fall into such bad shape that the Remainderman's inheritance is permanently injured.
As long as the Life Tenant does not commit waste, the Life Tenant has the right to 100% of the rental income and other profits generated by the property during the measured individual's life.
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman.
To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.
The Remainderman's right to use the property does not begin until the life being measured in the deed has expired.
The deed may be measured by the life of the Life Tenant (i.e. Life Tenant owns the property until he or she dies), or someone else's life (i.e. Life Tenant owns the property until his Uncle John Doe dies).
Upon the death of the measured individual's life, title to the property transfers to the Remainderman.
Where to next?
A Life Estate is different from an Enhanced Life Estate. I explain the Enhanced Life Estate here and go into more detail on the Life Estate here.