Life Estate Meaning at Life

Life Estate Meaning. A life estate is a special ownership arrangement that allows you to share a property with someone else. Often this is given to a person (such as a family member) by deed or as a gift under a will with the idea that a younger person would then take the property upon the death of the one who receives the life estate.

Each of the people in a life estate has an ownership interest in a piece of real estate — typically your primary home — but over different time periods. The right to use or occupy real property for one's life. Those with these life estates are life tenants.

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The owner of a life estate is called a life tenant. In common law and statutory law, a life estate is the ownership of land for the duration of a person's life. The right to use or occupy real property for one's life. A life estate is something to consider during estate planning.