You need to know – What is a life estate?

YouNeedToKnowWeb500A life estate is created when a freehold estate conveys ownership to another person for the balance of the lifetime of the new person

The party who receives the property in this fashion is called the life tenant

The life tenant has all the rights in the property but must preserve it for the person who will receive it after his or her death

The grantor (the party who created the life estate) may wish for the interest to be returned to him or passed to another person upon the death of the life tenant; the other person is termed a remainderman