life tenant (redirected from life estate)

life tenant

A person entitled to the use of or the income from an asset during his or her lifetime. As an example, a person may stipulate in a will that all of his or her assets are to go to a charity but that the surviving spouse, designated as life tenant, is to have the use of the income from the deceased's estate for his or her lifetime, following which the remainder of the assets in the estate are to pass to the charity.

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life tenant

One who holds a life estate. A life tenant has all rights associated with ownership of real property, except the right to sell the property, until his/her (or someone else's) death. Upon the death of the life tenant, the property reverts back to the owner, or to a third party designated by the owner. For example, in a will, a farmer may grant ownership of his farm to his children, subject to the life estate of their mother. In this situation, the mother is the life tenant and has the right to live in the farm house for the rest of her life. A life tenancy may be included in one's gross estate.