One of the mysteries of the English language finally explained.
A right to property that a person holds for life but cannot dispose of further.
- ‘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 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.’
- ‘The way to accomplish this is by affecting a transfer of the property with retention of life interest.’
- ‘But they would still have created the same life interest, and any difference in the trusts in remainder was immaterial to that.’
- ‘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.’
life interest/līf ˈint(ə)rəst/
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