What is a life estate?

A life estate is a freehold estate in which the duration of ownership over the real property is limited or is measured by the life of a “life tenant,” the individual presently holding the estate. This means that the life tenant retains the right to use, possess and maintain the property throughput his or her life time.

A Freehold estate

A Freehold estate

The life tenant’s estate in the real property is terminated upon his or her death, and his or her ownership cannot be left to heirs or any beneficiary. At death, the estate in the property will be transferred back to the original owner, to his/her heirs, or to his/her “remainderman,” the person who is entitled to inherit the property upon the termination of the life estate.