A life estate creates a legal right for a person to occupy but not own a property for the lifetime of that life tenant. Life estates are often created, for example, to provide a place to live for a surviving spouse, child or other person after the property owner dies.For example, if a husband owns a house in his name alone as his separate property he might provide in his will or living trust the title to his house shall pass to his daughter — but subject to a life estate for his wife if she survives him. The daughter is called a “remainderman” (probably a remainderperson to be politically correct). Until the widow dies, the remainderman daughter owns an “expectancy.”

A life-estate tenant has the duty to maintain the property and not commit “waste.” The life tenant must also pay the property taxes and the mortgage interest if there is a mortgage (but the remainderman pays the mortgage principal portion of each payment). For more details, please consult a local real estate attorney.