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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.
interest. 1  a right or claim to something. 2  a share or participation in something. [ 3 often pl.] advantage; welfare; benefit. [ 4 usually pl.] a group of people having a common concern or dominant power in some industry, occupation, cause, etc.: the steel interests. 5  personal influence.