What is the definition of life interest in property law?

In property law, a life interest is defined as an ownership that lasts for a lifetime only. This means that the individual who holds the life interest is entitled to use and benefit from the property for the duration of their life. Once the individual passes away, the rights to the property revert to another party, typically as specified in a will or trust arrangement.

This definition highlights the limited duration of the ownership, differentiating it from other types of property interests that may be permanent or transferable across generations. For instance, ownership lasting for a specified period would imply a fixed time frame that is not tied to the life of an individual. Similarly, an ownership that can be inherited refers to property interests that can be passed down to heirs, which is not the case with a life interest, as it terminates upon the holder's death. A temporary lease does not equate to an ownership interest and usually involves rental rights rather than ownership rights. Therefore, the definition of life interest is distinctly characterized by its lifetime limitation, making the choice regarding ownership that lasts for a lifetime the correct one.