What is a life estate?

A life estate refers to the right to live on and use land during a person's lifetime. This type of interest in real property is specifically tied to the life of the individual holding the estate. Once that person passes away, the rights associated with the life estate terminate, and ownership of the property typically reverts to another party, often referred to as the remainderman.

This definition captures the essential characteristics of a life estate—it grants the holder certain rights to the property for as long as they are alive, allowing them to enjoy the benefits of the property, such as living in it or using it, without actually holding full ownership. The key distinction is that the life estate does not confer permanent ownership of the property, nor does it allow for the transfer of ownership to heirs upon the holder's death; those rights revert typically to the remainderman designated in the life estate agreement or deed.