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A life interest (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life interest trust. In a typical interest in possession trust, the life tenant receives all the income from the trust for the rest of his or her life.
Jones maybe has a life interest in it, and Robinson a reversionary interest. The wife inherits a life interest in one-third of the real estate. As you know a certain sum of money came to me under my mother's will in which you have only a life interest. In the latter we have but a life interest, for the entail is cut off by death. His relations inherited his estate, except Aunt Katy's life interest.