A life estate is an interest in a parcel of real estate lasting:

A life estate is a type of property interest that allows an individual to possess and use a property for the duration of their life. When a life estate is created, it is designated specifically to a person, known as the life tenant. This means that the life tenant has the right to live in and make use of the property, but their rights are limited to their own lifetime. Upon the death of the life tenant, the property typically reverts to the grantor or may pass to a designated remainderman as specified in the estate planning documents.

This concept is critical in real estate and estate planning, as a life estate creates a unique form of ownership that combines aspects of full ownership and a temporary use. It is distinct from other forms of property interests, such as a leasehold estate that lasts for a fixed term or a mortgage interest that lasts until the debt is satisfied. Understanding the nuances of a life estate is important for individuals involved in real estate transactions, estate planning, or property management, as it affects succession and the transfer of property rights.