life interest
Noun
Meaning
life interest (plural life interests)
(law) A right, typically in the form of regular income, that lasts for the lifetime of the person benefiting from that right.
Synonyms
Related terms
Examples
All other daughters had only a life interest in their dowry, which reverted to their family if childless or went to their children if they had any.
A man might make his wife a settlement by deed of gift, which gave her a life interest in part of his property, and he might reserve to her the right to bequeath it to a favorite child; but she could in no case leave it to her family.
However, he had only a life interest in his inheritance, meaning that he could not sell any part of it without court permission.
For deaths that occur on or after January 1, 2016, the life interest trust will have a deemed year-end and a deemed disposition and reacquisition of the trust’s assets upon the death of the life interest beneficiary.