Definition of life interest in English:

life interest

noun

Law
  • A right to property that a person holds for life but cannot dispose of further.

    • ‘But they would still have created the same life interest, and any difference in the trusts in remainder was immaterial to that.’
    • ‘The way to accomplish this is by affecting a transfer of the property with retention of life interest.’
    • ‘The usufruct, or life interest, is commonly used in Spain to avoid payment of inheritance tax on half the value of the deceased's assets by a spouse.’
    • ‘The donor's property now consists principally of a life interest in her late husband's estate, a 50% share in their house, other real property, cash on deposit and some investments.’
    • ‘The husband remarried, and in another complicated arrangement, assigned his life interest in the wife's fund to the same trustees upon trusts in favour of his second wife.’

Pronunciation

life interest

/līf ˈint(ə)rəst/