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 it will eventually go to the designated remainderman. Life estates can be useful for estate planning, as they help avoid probate and provide a clear path for property transfer. However, the life tenant cannot sell or modify the property without the consent of the remainderman, which can limit their control over the asset during their lifetime.