No.  It's not something I liked the thought of either.

A trust is good enough for me.

Waiting for you to die? Somebody may be doing just that. I know of a woman who wants to stay in her husbands house till she dies. I told her the husbands kids may just offer you $$$ to get out early since it is a million dollar home. 

I recommend people seek legal and or tax advice to determine what is best for their estate planning. 

It would depend on the situation.  If you had a life estate where the remainder interest went to your heirs, I don't think they are waiting for your death anymore than if you owned it fee simple and the heirs would inherit it.

Also, it's common to have a life estate where the remainder interest is a trust.  For example, John Smith owns the home in life estate with a remainder interest to the John Smith Irrevocable Trust.  This is just a way to transfer assets to the heirs.

  My widowed neighbor was terminally ill.  She had no close relatives or heirs.  She had willed her house to her best friend (a lady who had gotten the short straw in life; now she could have a nice house in an upper middle class neighborhood). 

      She was concerned about probate, of having her will  challenged in probate court by some distant cousins who might come out of nowhere.

     I suggested she do a Life Estate, and sent her to a real estate attorney.  The lawyer drafted a textbook-perfect life estate deed, naming the best friend as the remainderman (that's the legal term in Florida; not the same thing as an heir).

   When Neighbor passed away, her best friend became our new neighbor!

At the mention of the subject, I would recommend contacting a good estate planning attorney to examine all the variables.

I am not an estate planner or an attorney. If the subject came up from a client, I would have no advice other than to discuss the subject with experts. For the right situation, a life estate might be a good plan. I don't see that type of succession planning happening with my family...at this point.

I've never looked into it and I would never make recommendations on any estate or financial planning to family, friends, or clients. It's not my area of expertise. Now... if they want my advice on buying or selling a home... that's a whole other matter!

Your concern may be valid depending on who is doing the waiting, however other problems do lurk in such situations a others have found similar measures were not enough when the nursing homes came looking for more money from the owners of these estates.

50% of Americans don't understand irony and satire. I have a very dark-humor response to this, but, I know the whiners will complain, so I digress. 

Tony,

We do not recommend anything that is outside of our expertise, we always recommend consulting professionals in the field.  A

I have only seen one life estate involved with any real estate transaction we have experienced over the past 20 years.  I don't think they are that used.  And no, I wouldn't want any of my family in a life estate.

Each state would vary also with this question. 

No, i would recommend they talk to an attorney about that.

This isn't something I have considered but my brother and his wife have one. He said they "tightened" up the wording. I suspect any "accidents" or "unexplained" deaths would result in the heirs being well investigated. 

I would definitely have to contact someone with more information, but not thinking this would be my choice.

I've seen them work effectively

completely depends on the situation. Last year a woman client passed, her husband got a "life estate limited to his occupying the house" before it passes to her daughter.  So if he ever has to go to a nursing home it ends, but as long as he is living in the house he keeps it, pays the taxes and insurance, after he dies or moves out her daughter owns the house.