Life Estate.

A life estate is a type of ownership interest in real property that grants an individual, known as the life tenant, the right to possess and enjoy the property for the duration of their lifetime. The life tenant's interest in the property is limited to their lifetime and does not extend beyond it.

Here are some key features and characteristics of a life estate:

1. Duration: A life estate lasts for the duration of the life tenant's life. Upon the life tenant's death, the ownership interest in the property typically passes to someone else, known as the remainderman or remainder beneficiary.

2. Rights and Responsibilities: The life tenant has the right to possess and use the property during their lifetime, similar to a full owner. They can live in the property, collect rent if they lease it, and make reasonable alterations or improvements, as long as they don't negatively affect the rights of the remainderman. However, they cannot sell or mortgage the property without the consent of the remainderman.

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4. Responsibilities: The life tenant is generally responsible for maintaining the property, paying property taxes, and keeping it in good condition. They have a duty to prevent waste, meaning they should not significantly diminish the value of the property.

5. Remainderman: The remainderman is the person or entity who receives the ownership interest in the property after the death of the life tenant. The remainderman's interest is often specified in the original legal instrument (such as a will or deed) that created the life estate.

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7. Termination: A life estate ends upon the death of the life tenant. At that point, the ownership interest passes to the remainderman, who becomes the full owner of the property.

Life estates can be created through various legal instruments, including wills, trusts, or by specific provisions in property deeds. They are often used for estate planning purposes to control the distribution of property after the death of the life tenant.

It's important to consult with a qualified legal professional to understand the specific laws and regulations governing life estates in your jurisdiction, as they can vary by state.