What designation indicates a person's right to use a property for life?

The designation that accurately indicates a person's right to use a property for life is known as a Life Estate. This legal concept grants an individual the right to occupy and utilize a property for the duration of their life. Upon the death of the individual holding the life estate, the property will typically pass to another party, referred to as the remainderman.

Understanding ‘Life Estate’ is crucial, as it implies that the person enjoys the benefits associated with ownership, such as living in the property or receiving income generated by it, yet they do not have the authority to sell or will the property to others. The life estate is a fundamental principle in property law that delineates the rights and responsibilities of the life tenant versus the remainderman.

Other terms listed, like Life Use, Remainder Interest, and Life Interest, either do not specifically define the same legal concept or pertain to related but distinct aspects of property law. For instance, Life Use might refer to the right of use, but it is not the recognized legal term that encapsulates full rights typical of a life estate. Remainder Interest relates to rights after the life estate ends, while Life Interest is less commonly used in legal terminology. Thus, identifying the correct definition