A life estate is an ownership interest in real estate, governed by state law. It gives a person, called a life tenant, the right to live at or use property during his lifetime -- but he has no right to sell the property. When life tenants die, their life estates end, and the property reverts to a designated person called a "remainderman," who then owns the property. Life estates can bypass probate if they are granted through deeds or trusts. More detaled info you can get from real estate lawyer
It is an agreement that allows a person to remain on the land or in the propery for the term of their life while, at the same time, you own the property during their occupancy. I am a REALTOR.