Life interest

This is a term used in wills and probate matters.

Life interest refers to the right to receive an income or benefit from a property or a capital sum (but not the capital sum) for life or a specified period of time. At the end of that time the benefit will be transferred to a named beneficiary.

It is also known as an interest in possession trust.

The person who receives the benefit is known as an 'income beneficiary'.

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