Final answer:
The legal duty of a life tenant not to commit waste includes maintaining the property in good condition, which preserves the property's value for future beneficiaries. They are not required to make structural changes, transfer ownership to the remainderman, or use the property exclusively for personal purposes.
Step-by-step explanation:
The legal duty of a life tenant not to commit waste includes the obligation to maintain the property in good condition. This not only involves paying property taxes and mortgage payments but also ensuring that the property does not deteriorate over time. The life tenant should make repairs and uphold the property value, but they are not typically required to make structural changes, transfer ownership to the remainderman (as ownership will transfer automatically upon their death), or use the property exclusively for personal purposes. This preservation of the property's value aligns with the broader economic concept that there is an opportunity cost for everything, and maintaining property quality ensures the continuance of its value for future beneficiaries.
Landlords who invest less in maintenance due to rent control or other factors might provide lower quality housing, demonstrating a real-world application of the concept of opportunity cost. Similarly, a life tenant who doesn't properly maintain a property will see a decline in its utility and value, which can be deleterious for the remainderman who will eventually inherit the property.