Noun
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.
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. Source: Internet
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. Source: Internet
However, he had only a life interest in his inheritance, meaning that he could not sell any part of it without court permission. Source: Internet
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. Source: Internet