life estate

Freehold estate giving the person owning it the right to receive income of the estate until death. The beneficiary cannot sell the property and the estate terminates at death.

A freehold interest (in Real Property) that expires upon the death of the owner or some other specified person (pur Autre Vie).
Example: A retired couple purchase a life estate in a retirement village apartment unit. Upon death of both husband and wife, ownership of the unit will revert to the owners' association, who may then resell to another couple.

An estate whose duration is limited to the life of the party holding it, or some other person.

The noun has one meaning:

Meaning #1: (law) an estate whose duration is limited to the life of the person holding it
  Synonym: estate for life