A Life Estate at Life

A Life Estate. A person who has a life estate is entitled to enjoy full use of the property during his lifetime, but does not have the right to confer the property upon his death. The holder of a life estate has a full right to possess the property during their life.

A life estate is something to consider during estate planning. Often a parent might create a life estate in order to give their house to their child. A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.

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A life estate deed is a way to gift your property to your beneficiaries while you’re still alive and keep real estate from having to go through probate. But when the life tenant dies, the remainder interest in the property goes to the beneficiary, also known as the remainderman. A person who has a life estate is entitled to enjoy full use of the property during his lifetime, but does not have the right to confer the property upon his death. In the event that the life tenant attempts to restrict use or ownership after death through a will or living trust, the life estate takes precedence and overrules them.