Life Estate

The interest in property owned by a life beneficiary with the legal right to use the property for his or her lifetime, after which title fully vests in the remainderman (i.e., the person named in the deed, trust, last will and testament or other legal document as being the ultimate owner when the life estate ends). A life estate is often given to an individual (such as a family member) with the idea that a younger individual would then take the property upon the death of the life beneficiary. Generally, the holder of a life estate is unable transfer the property subject to the life estate to another individual, because the holder’s interest terminates at death.

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Reference: Life Estate