A life estate is an interest in property that lasts only for the life of a specific person, usually the possessor of the estate. The owner of a life estate cannot leave the property to anyone in their will as their interest in the property will terminate at their death. The holder has full rights to possess and use the property, and may also transfer their interest during their lifetime.
If the measuring life for the life estate is someone other than the possessor, the estate is considered a life estate pur autre vie.
A life estate is created by a deed that gives the property to the person "for life" and identifies what should happen to it after that person dies.For example, a deed stating that land would go "to John Doe for life, then to Jane Doe" gives John a valid life estate, and Jane a remainder. John could use the land during his lifetime, and even sell his interest to a third party, but that third party would have to surrender the property to Jane upon John's death.
[Last updated in June of 2023 by the Wex Definitions Team]
