What is a life estate?

A life estate is defined as ownership of property that lasts for the duration of a specified individual's lifetime. This means that the holder of a life estate, often referred to as the "life tenant," has the right to use and benefit from the property for as long as they are alive. Once the life tenant passes away, the property does not become part of their estate or pass to their heirs, but is instead transferred to another designated party, known as the "remainderman." This transfer is predetermined at the time the life estate is created.

Understanding this concept is crucial in real estate law, particularly concerning property rights and succession. A life estate cannot be inherited in the traditional sense since the ownership ends with the life tenant's death, and the property is conveyed to the remainderman. This distinguishes a life estate from other types of property interests that may allow for inheritance.