What does a life estate grant to an individual?

A life estate grants an individual the right to use and benefit from the property during their lifetime. This means the individual, often referred to as the life tenant, has the privilege to live in the property, enjoy its benefits, and generate income from it, if applicable. Essentially, the life estate creates a limited ownership interest that lasts only for the duration of the individual's life.

Importantly, when the life tenant passes away, their interest in the property ends, and the ownership automatically transfers to another party, known as the remainderman, who has a vested interest in the property once the life estate concludes. This structure of ownership is significant in estate planning, allowing the life tenant to enjoy the property while ensuring it passes on to the designated remainderman without going through probate.

The other options do not accurately describe the rights associated with a life estate. The life tenant does not have the right to sell or mortgage the property without the consent of the remainderman, as these actions would affect the future interest of the property holder. Additionally, while the life tenant can live in the property, the life estate does not grant them the ability to transfer the property outright; they can only transfer their interest in the life estate itself,