life tenant(redirected from Life Tenants)
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Related to Life Tenants: life estate, Life tenancy
One who has a life estate in a property, being the right to enjoy the property for a period of time measured by that person's life or some other designated person's life.The rest of the bundle of rights is called a reversion or remainder interest. Life tenants may sell, gift, or will their property to another, but when the defining life comes to an end, so do the rights of those other people.At that point,the remainderman may take possession of the property and enjoy it fully.
Example: Aunt Esther, who is 80 years old, sells her farm to Acme Agribusiness. She retains a life estate, measured by the life of her 40-year-old nephew, Mark. Esther dies two days later, with a will that leaves everything she owned to Texas A&M University. Mark has no rights in the property; he's just a measuring life. Texas A&M may use the farm until Mark's death, at which time it will pass to Acme Agribusiness.