A specific form of real property ownership in the state grants an individual, often a surviving spouse, the right to reside on and utilize a designated portion of a property for the duration of their life. This share is typically one-third of the total estate. The life tenant possesses the property but cannot sell it or transfer it beyond their lifespan. For instance, following the death of a spouse, the surviving spouse might be granted this right to continue living in the marital home, while the remaining ownership interest is held by other individuals or entities.
Establishing this type of arrangement within estate planning can ensure the continued housing and support of a loved one after the original owner’s death. It provides security and stability, allowing the life tenant to maintain their accustomed lifestyle without the immediate disruption of selling the property. Historically, such provisions were often implemented to protect the welfare of widows, ensuring their continued access to shelter and resources.
