Definition, Meaning & Synonyms

life interest

Noun

/laɪf ˈɪn.tər.est/

Definition

A legal term referring to the right to use or benefit from an asset during one’s lifetime, after which the asset passes to another party.

Examples

She has a life interest in her family’s estate, allowing her to live there until her passing.
The trust was set up to provide a life interest, ensuring financial support for the beneficiary throughout their life.

Meaning

Life interest allows an individual to enjoy the benefits or rights to property, income, or any other asset for the duration of their life, without owning the asset outright.