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English definition of “life estate”

life estate

noun [C]
 
 
LAW, PROPERTY
the legal right to own and control a property, such as a building or piece of land, for the length of time that you are alive: The life estate deed allows the older couple to own the house for the rest of their lives. →  Compare freehold noun , leasehold noun
(Definition of life estate from the Cambridge Business English Dictionary © Cambridge University Press)
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