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 receive full ownership. Life estates can be useful for estate planning, as they help avoid probate and can provide tax benefits. They also allow individuals to maintain control over their property while designating who will inherit it after their death. This can be particularly beneficial for families, as it ensures that property remains within the family lineage.