life interest

American  

noun

1. interest on property that is payable during the owner's lifetime but cannot be passed on to another or others after the owner's death.

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life interest British  

noun

1. interest (esp from property) that is payable to a person during his life but ceases with his death

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Example Sentences

Mr Farquhar had changed his will, naming Field as the main beneficiary and giving him a life interest in his house as well as half share in the property with Mr Farquhar's brother Ian.

From BBC

Mr Farquhar changed his will, naming Field as the main beneficiary and giving him a life interest in his house.

From BBC

With a wry laugh, Pressman said, “No. He’s moved on very happily with his next life interest.”

From Los Angeles Times

Section 2036 of the Internal Revenue Code says that if the mother retained a “life interest” in the property, which includes the right to continue living there, the home would remain in her estate rather than be considered a completed gift.

From Washington Times

There are specific rules for what constitutes a life interest, including the power to determine what happens to the property and liability for its bills.

From Washington Times