Life Estate

A life estate is a type of property ownership where an individual, known as the life tenant, has the right to use, occupy, and enjoy a property for the duration of their life. Upon the death of the life tenant, ownership of the property automatically passes to another person or entity, known as the remainderman, who holds the remainder interest. The life tenant’s rights to the property are typically limited to their lifetime, and they do not have the authority to sell or bequeath the property in a way that affects the remainderman’s interest.