Life Estate
/ˈlaɪf ɪˌsteɪt/
Definitions
- (n.) An interest in property lasting for the lifetime of a specified person, after which the property passes to another party.
She granted him a life estate in her house, allowing him to live there until his death.
Forms
- life estates
Related terms
See also
Commentary
A life estate conveys possession and use for life but typically does not allow the holder to waste or destroy the property; remaindermen's interests must be preserved.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.