How is a life interest in property defined?

A life interest in property is defined as an interest that lasts for the duration of an individual's life. This means that the holder of a life interest, often referred to as a life tenant, has the right to use and benefit from the property during their lifetime. Upon their death, the life interest terminates, and the property typically reverts back to the original owner or passes to a designated remainder beneficiary.

The characteristics of a life interest ensure that it is directly tied to the lifespan of the individual, which is why the answer highlights that it ends upon the occurrence of an event, namely the death of the life tenant. This creates a clear moment at which the life interest concludes, making it distinct from other types of interests, such as indefinite or temporary interests, which do not directly relate to the individual's lifespan or specific events.