Define Life Estate at Life

Define Life Estate. It governs the length of time each owner has rights in the property and what those rights are. A life estate is an interest in real property that entitles the life estate owner (sometimes referred to as the life tenant) to the right to occupy, possess or otherwise use the property for the lifetime of one or more individuals (usually the lifetime of the person or persons who hold the life estate interest).

The interest that passes at the owner’s death is called a remainder or remainder interest. The owner of the life estate is called the “life tenant.”. An individual who holds a fee simple interest in property has the right to live on the property for his lifetime.

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This could be thought of as a way to pregift your home to your heirs while still retaining joint ownership. Once you passed away, though, the property would automatically transfer to the individual or. A freehold estate giving a beneficiary all property rights except the right to sell. The person who owns the real property (in this example, mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the remainderman (in this example, son).