Life Interest Trust
A trust where one person receives the income (or right to occupy property) during their lifetime; the capital passes to other beneficiaries on their death.
Life Interest Trusts are common in second marriages and blended families. They allow a surviving spouse to continue benefitting from the family home or income from investments during their lifetime, with the underlying capital protected for children from a previous relationship.
The 'life tenant' is the person with the income or occupation right; the 'remaindermen' are the beneficiaries who receive the capital on the life tenant's death.