Who is referred to as a life tenant?

A life tenant is specifically defined as a person holding a life estate, which is a type of property ownership that lasts for the duration of the individual’s life. This arrangement allows the life tenant to use, occupy, and benefit from the property during their lifetime. Upon the death of the life tenant, the property typically reverts to the original grantor or passes to a designated remainderman.

In the context of real estate, life estates provide important rights and responsibilities. The life tenant can make decisions regarding the property, but they may also have restrictions in place that prevent them from depleting the value of the property or altering it significantly without the remainderman's consent. This distinctive role is significant in estate planning and property law, as it involves a specific legal framework that governs the rights associated with life tenancies.

Other options, such as a person renting a property or someone managing a real estate company, do not involve the legal rights associated with property ownership like a life tenant does. Likewise, a person who has sold their property no longer holds any interest, making them ineligible to be referred to as a life tenant.