Who is referred to as the holder of a life estate?

The holder of a life estate is referred to as the Life Tenant. A life estate is a form of property ownership that lasts for the duration of an individual’s life. The Life Tenant has the right to use and occupy the property during their lifetime but does not hold full ownership rights that would pass on to their heirs upon death. Once the Life Tenant passes away, the property automatically reverts to the original property owner or passes to a pre-determined third party, depending on the terms of the life estate.

Understanding that the life estate is inherently tied to the life tenant is crucial; their rights are specifically granted and limited to their lifespan. This framework of ownership differs from other forms of property interest, such as reversion interest, which refers to the return of property to the original grantor after the life estate ends, or future interest, which indicates the right to obtain ownership at a future date. The term "Estate Pur Autre Vie" relates to a life estate based on the life of someone other than the tenant, but it does not refer directly to the holder of the life estate.

Recognizing the role of the Life Tenant is essential in real estate law, as it affects property rights, transferability, and estate planning considerations.