BizTerm Definition
life estate
Full Definition

A property interest that provides the right to live in or use, but not own, a specific piece of real estate until death. For example, in his will, a husband may specify that his wife will have use of the family home until her death, but that after her death the home should pass to his daughters. The wife may rent out or lease the home to others, but only for the duration of her life. She may not sell the home, because she does not actually own it.

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