Dictionary of Banking Terms: life estate
life estate
freehold estate giving the person owning it the right to receive income of the estate until death. The beneficiary cannot sell the property and the estate terminates at death.
Dictionary of Business Terms: life estate
life estate
estate whose duration is limited by the life of the person holding it or by that of some other person. It is a freehold interest in land.
Dictionary of Real Estate Terms: life estate
life estate
a freehold interest (in real property) that expires upon the death of the owner or some other specified person ( pur autre vie).
Example:A retired couple purchase a life estate in a retirement village apartment unit. Upon death of both husband and wife, ownership of the unit will revert to the owners' association, who may then resell to another couple.
