A life estate is a way of legally distributing joint property ownership between two or more parties. It is typically used to make sure the succession of property rights is undertaken in compliance to the wishes of the original owner, while also avoiding the time-consuming and expensive process of probate - when the court oversees the distribution of a deceased person's estate.

The life estate establishes that one party, known as the life tenant, has the right to use or inhabit the property during their lifetime. As such, the life tenant will receive the full benefits of ownership and be held responsible for the upkeep, maintenance, and management of the property during their lifetime.

In most cases, the life tenant will be the one left in the will or trust. However, once the life tenant passes on, the property rights and responsibilities will be transferred to the remainderman or remainderwoman, as specified in the will or trust.

The life tenant cannot sell or otherwise mortgage the property while they are alive, as the purpose of a life estate is to ensure that the wishes of the original owner are followed. The life tenant may, however, be able to assign restricted rights to another, such as the right to inhabit a property for a certain period of time.

While in some cases the life tenant and remainderman may be the same person, a life estate helps to simplify the transfer of property rights and responsibilities for the remainderman once the life tenant passes away. It ensures that the original owner's wishes are followed when it comes to who inherits the property and when.

A life estate can provide a valuable solution for those who wish to distribute their property without the time and expense of going through the probate process. It also helps to protect the best interests of both the life tenant and the remainderman by safeguarding the rights, responsibilities, and benefits that come with the ownership of property.