life estate

noun

1. property that may be held only for the extent of the holder's lifetime

Example Sentences

Where rent control was once defended as a temporary solution to severe housing shortage, they said the laws now “grant tenants a perpetual option to renew their leases, transforming term leases into government-mandated life estates.”

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Or, you and your spouse might get a life estate.

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On the other hand, tenants protected by just-cause guidelines may live in their apartments indefinitely, even their whole lives, a “life estate.”

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Florida doesn’t have transfer-on-death deeds, according to self-help site Nolo.com, but the state offers something similar called an “enhanced life estate” or “Lady Bird” deed.

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The land near Peru was placed under a life estate, which means Dillon retains management rights to the property until his death.

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