life estate

noun

1. property that may be held only for the extent of the holder's lifetime

Example Sentences

Where rent control was once defended as a temporary solution to severe housing shortage, they said the laws now “grant tenants a perpetual option to renew their leases, transforming term leases into government-mandated life estates.”

From Los Angeles Times

Or, you and your spouse might get a life estate.

From Washington Post

On the other hand, tenants protected by just-cause guidelines may live in their apartments indefinitely, even their whole lives, a “life estate.”

From Washington Post

Florida doesn’t have transfer-on-death deeds, according to self-help site Nolo.com, but the state offers something similar called an “enhanced life estate” or “Lady Bird” deed.

From Los Angeles Times

The land near Peru was placed under a life estate, which means Dillon retains management rights to the property until his death.

From Washington Times