Life Tenancy

Business, Legal & Accounting Glossary

Definition: Life Tenancy


Life Tenancy


Full Definition of Life Tenancy


In a Settled Land Act settlement trust, the tenant for life holds the legal and equitable titles to a freehold estate in land. The legal title is held for the benefit of the life tenant himself and his successors. On the death of the life tenant, the property is often ‘resettled’; that is, the heir becomes the new life tenant, and holds for his benefit and that of his heirs. The life tenant is not, technically, a trustee – the settlement trust will have independent trustees with supervisory duties. Settlement trusts are cumbersome and archaic, and can no longer be created.


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Definition Sources


Definitions for Life Tenancy are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th April, 2020 | 0 Views.