Finally, the Land Trust will place a permanent conservation easement on the property before it is sold, thereby ensuring that the land's conservation values will always be protected. The deed requires that during the period of the life interests, the life tenants must pay the property taxes, keep the premises insured, and generally maintain the land and buildings in good condition. If the property generates rental or other income during the donor's lifetime, the donor retains the right to receive such income. If the property has conservation value, the deed may also prohibit any uses that would diminish or damage those values. Except for ensuring that its remainder interest is protected, the Land Trust has no right to use the property as long as any of the life tenants are alive.
Life interests can run simultaneously or consecutively.
A husband and wife may share a life interest, as long as either is alive. A child may have a life interest after his or her parents are deceased. Life interests may apply to only part of the property. Several years ago, the Land Trust received a remainder interest in which the donors reserved for themselves a life interest in the entire property and gave a life interest in the house to a long-time employee. A gift of a remainder interest can be combined with a present gift to the charity.