life estate
noun[C]
LAW,PROPERTYukusthelegalrightto own andcontrolaproperty, such as abuildingorpieceofland, for thelengthoftimethat you arealive:
Thelifeestatedeedallowstheoldercoupleto own thehousefor therestoftheirlives.
Compare
freeholdnoun
leaseholdnoun