Life of the lords were quiet simple. All they needed to do was to get money from their serfs for using their land as a farm land, and they would spend their mony buying riches. If they ran out of money, they would just let go of one of the serfs and get money for letting them go. Sadly, lords had to spend most of their savings if his superior came to visit to use the hunting ground. I hope this might've helped you.
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There are life peers/lords which means you have the title for your life only, and there are peers/lords that inherited the title from their fathers, and that means they can pass it on to their children.....so one is for a life, and one is forever basically
Once elevated to the Lords, peers sit in the House for life
There are three types of Lord: Life Peers (of which Law Lords are members), Hereditary Peers and Spiritual Peers.
House of Lords
Medieval
A Life Peer is someone who has a noble title but it is not hereditary- the title does not automatically go to his heir when he dies.A Hereditary Peer is someone who has a noble title but it is hereditary- the title will automatically go to his heir (typically his oldest son) upon his death.The Lords Temporal are Peers (Life or Hereditary) who are sitting members of the House of Lords in Parliament.The Lords Spiritual are high ranking bishops from the Anglican Church who also members of the House of Lords.
The House of Lords.
Medieval
Not very good Medieval life even for the king was not all about the pomp & grandeur, if you were a king you had the constant struggle of maintaining power over the lords middle class.
They did not like how they were treating them.
life peers, hereditory peers. lord chancellor