life interest

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An interest in property subsisting only during the lifetime of the person to whom it was granted (e.g. “to A for life”) or of some other person (e.g. “to A during the life of B”). The latter type is called an estate (or interest) pur autre vie. Under the Law of Property Act 1925 a life interest in land cannot exist as a legal estate, only as an equitable interest. Until 1997 the creation of a life interest in land created a settlement, governed by the Settled Land Act 1925. Since that date it creates a trust of land, governed by the Trusts of Land and Appointment of Trustees Act 1996. See settled land.

Subjects: Law.

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