What is a life estate?

A life estate is a type of property interest that is specifically granted for the duration of an individual's life. It allows the individual, known as the life tenant, to use and benefit from the property during their lifetime. Upon the death of the life tenant, the property rights typically revert back to the original owner or pass to a designated remainderman, as specified in the conveyance.

This arrangement is particularly valuable in estate planning as it can provide for someone during their lifetime while ensuring that the property ultimately passes to another party after their death. In contrast to other estate concepts, such as leasehold agreements or joint ownership structures, a life estate is distinct in its provision for the life of a specific person, adding a layer of security and clear succession.