A right to property that a person holds for life but cannot dispose of further.
- The usufruct, or life interest, is commonly used in Spain to avoid payment of inheritance tax on half the value of the deceased's assets by a spouse.
- The husband remarried, and in another complicated arrangement, assigned his life interest in the wife's fund to the same trustees upon trusts in favour of his second wife.
- The way to accomplish this is by affecting a transfer of the property with retention of life interest.
For editors and proofreaders
Syllabification: life in·ter·est
Definition of life interest in:
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