A Life Estate is a legal arrangement where a person, known as the life tenant, has the right to use and benefit from a property for their lifetime. After the life tenant passes away, the property automatically transfers to another person or entity, called the remainderman. This arrangement allows the life tenant to live in or rent out the property while ensuring that the remainderman will eventually gain full ownership. Life estates are often used in estate planning to avoid probate and simplify the transfer of property. They can also help manage property taxes and provide financial security for the life tenant. However, the life tenant cannot sell or modify the property without the consent of the remainderman.