A Life Estate is a type of freehold interest in real property that lasts for the lifetime of an individual. Upon their death, the property either reverts to the original owner or passes to a remainderman.
A Remainderman is the individual who is designated to inherit or receive possession of a property after the termination of the preceding estate, typically after the death of a life tenant.
Reversionary Interest is the interest a person retains in property after the termination of the preceding estate. Typically, it applies when the original owner grants an estate but retains a future interest.
Tenancy for life, often referred to as a life estate, is a form of property ownership where one person (the life tenant) has the right to use and benefit from a property for the duration of their lifetime. Upon the death of the life tenant, the property passes to another party known as the remainderman or reversionary interest holder.
