life-interest
Noun: - A legal right to use or benefit from property for the duration of one's life: A "life-interest" is a legal arrangement where a person (the life tenant) has the right to enjoy the income, use, or occupancy of a property for their entire lifetime, but does not own the property outright. After their death, the property passes to another person (the remainderman).
- (She has the right to use the property for her lifetime but cannot sell it.)
- (The widow receives the benefits of the property during her life, and the children inherit it later.)
- (The beneficiary gets financial benefits for life, but not ownership.)
"life-interest trust": A trust that gives one person (the life tenant) the right to income or use of assets for life, with the remainder going to another person.
- The life-interest trust was set up to provide for the elderly parent while preserving the assets for the grandchildren. (The trust supports the parent for life, then passes to grandchildren.)
"life-interest estate": A legal estate that lasts for the duration of a person's life.
- A life-interest estate is often used in estate planning to avoid probate. (It is a legal arrangement that ends at death.)
Life tenant (n): The person who holds a life-interest.
- The life tenant is responsible for maintaining the property. (The person with the life-interest must care for the property.)
Remainderman (n): The person who inherits the property after the life-interest ends.
- The remainderman will receive the house when the life tenant dies. (The future owner after the life-interest.)
- Life estate: A legal term for a life-interest in land or property.
- Life tenancy: The right to occupy or use property for life.
For life (phrase): Lasting for the duration of one's existence.
- She holds the property for life, not just for a fixed term. (Her right lasts until she dies.)
To have a life interest (phrase): To possess the legal right to use property for one's lifetime.
- He has a life interest in the cottage, so he can live there rent-free. (He has the right to use it for life.)