Browse Proptionary encyclopedia

Build your real estate vocabulary to be able to communicate and invest more effectively and professionally.

Measuring Life

DEFINITION

Refers to the party whose life spanned is calculated for the purpose of determining the length of time due as an entitlement benefit. Upon the death of the life tenant, the right to use the property terminates.

EXPLANATION

The measuring life is the life span that a life tenant is permitted to use real property. This term is typically used when referring to a party whom is entitled to use a property indefinitely until their death. The person that holds the right to use the property indefinitely is known as the life tenant.

The life tenant holds an estate that remains only during the duration of their life. When a life tenant dies, so too does their right to make use of the property. A life estate holder can transfer their property ownership rights to another party, typically through a will. If the party whom has the right to possess the property following the death of a life tenant, falls ill or is mentally incapacitated, the property right or decision-making power may transfer to another family member. If there are no heir apparents, the state may take control of the property.