Some property is owned by one person, but another person is given the use and enjoyment of the property during a specified period of time measured by his or her lifetime, or the lifetime of another person. The person with temporary use of the property, the life tenant, is said to own a life estate. At the end of the life estate period, the property passes outright and completely from the life tenant to the remainder person.

The life tenant is bound not to waste the property. A remainder interest in property is a present right to future enjoyment that takes effect immediately at the expiration of the preceding life estate. The life estate, plus the remainder interest, constitutes the whole property interest.

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