A life estate and a life tenancy are two legal arrangements that allow a person to use and enjoy a property for the duration of their life. While they share similarities, there are also important differences between the two.
Main Differences between life Estate and Life Tenancy:
A life estate is a legal arrangement in which a person, known as the life tenant, is granted the right to use and enjoy a property for the duration of their lifetime. Upon the death of the life tenant, the property passes to another person, known as the remainderman. The remainderman has a future interest in the property and will become the owner of the property upon the death of the life tenant. The life tenant is responsible for maintaining the property during their lifetime, but cannot make any significant changes to the property without the agreement of the remainderman.
A life tenancy, on the other hand, is a more general term that refers to any arrangement in which a person is granted the right to use and enjoy a property for the duration of their lifetime. Unlike a life estate, a life tenancy does not necessarily involve a remainderman or any future interest in the property. In some cases, the life tenant may have the right to pass the tenancy on to their heirs upon their death.
In summary, while both a life estate and a life tenancy allow a person to use and enjoy a property for the duration of their lifetime, a life estate involves a remainderman who has a future interest in the property, while a life tenancy is a more general term that may or may not involve a future interest in the property.