Is there a difference between lifetime rights and a will that states someone may live in a house or basement as long as needed and the other owners can do nothing?

Answer 1

A life estate is valid for the life of the individual that it was granted to. It can be granted through a will or through a legal document. The life estate establishes rights for that individual. The other owners can attempt to purchase the rights, but they cannot take them away.

Answer 2

Yes, there is a difference. Lifetime rights give a person certain rights to use a property for their lifetime, while a will specifying someone can live in a house as long as needed may be subject to the discretion of the other owners. The latter arrangement may be more flexible and not as legally binding as lifetime rights.