Life Estate
A life estate is an interest in real property, or real estate, that lasts for the duration of the person who holds the life estate, or life tenant. Upon the death of the life tenant, the estate often reverts to the original owner, or is some cases, to another person, e.g. via a beneficiary deed.
This brief overview of some important considerations associated with life estates is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.