What is a life estate?

A life estate refers to an interest in real property that lasts for the duration of a person's life. This means that the individual (the life tenant) has the right to use and enjoy the property as long as they are alive. Upon the death of the life tenant, the estate automatically transfers to another party, known as the remainderman, or it could revert back to the original grantor.

This arrangement is often used in estate planning to manage property and provide for someone during their lifetime while ensuring that it passes on as intended after their death. In a life estate, the life tenant does not own the property in a way that allows them to sell it or will it to someone else, as their ownership rights are exclusively tied to their lifetime.