What is a life estate and how does it work?

A life estate grants ownership of property for the duration of a specific person's lifetime, called the measuring life. The life tenant has the right to use, occupy, and collect income from the property but cannot commit waste or permanently damage it. When the measuring life ends, the property passes either to the original grantor through reversion or to a named third party called a remainderman. Life estates are commonly used in estate planning to allow a surviving spouse to remain in a home while ensuring the property eventually passes to children.