What does a life interest in property grant an individual?

A life interest in property grants an individual a temporary right to use and benefit from that property during their lifetime. This means that the individual, known as the life tenant, can occupy the property, receive income generated from it, and even make certain improvements, but they do not hold full ownership. Upon the death of the life tenant, the rights to the property typically revert back to the original owner or another named party, which distinguishes a life interest from full ownership.

The nature of a life interest emphasizes that it is limited to the lifespan of the individual holding that interest and does not extend beyond that, unlike a fee simple ownership that allows for indefinite ownership and the ability to sell or transfer the property freely.