Property Law
Life Estate
Standard Definition
A freehold estate limited in duration to the life of the owner or another designated person (known as a life tenant).
Detailed Examination Analysis
A life estate is a form of ownership where the life tenant has the right to occupy and use the property for the duration of their life. When the life tenant dies, the property transfers to a designated third party (remainderman) or reverts to the original owner.
Real-World Examination Scenario
"A parent deeds their home to their child but retains a life estate. The parent can live in the home for life, and upon their death, ownership transfers to the child."
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