What Does Life Estate Mean?
A life estate is an interest in a piece of real property that is given to a person for the entire duration of their life. Life estates are often passed on through trusts.
Insuranceopedia Explains Life Estate
Life estates can be land or real property, and it is common for people to give them to their children or relatives for use after they die. If a person obtains a life estate, they will need to purchase insurance to cover the risks associated with the property.