Life Estate Legal Meaning and Definition

Here is a simplified definition of the legal term Life Estate.

Life Estate (noun)

The term "Life Estate" refers to a legal arrangement in which a person, known as a life tenant, is granted the right to live in, use, or possess a particular property for their lifetime. After the life tenant's death, the rights to the property revert back to the original owner, or to a designated third party, as outlined in the agreement or deed. This type of legal rights to a property is common in estate planning and is bound by the life tenant's lifespan.