In real estate law, a Life Estate is an ownership interest in property that lasts for the lifetime of a specified person. The measuring life may be the person holding the estate or another designated individual.
The holder of a life estate has the right to possess and use the property during the life estate but cannot transfer full ownership beyond that lifetime. When the measuring life ends, the property automatically passes to another party, such as the grantor or a remainderman, as specified in the original conveyance.
