What does it mean if I give someone a "life interest" in my Estate?

If, say, you wish to ensure that your partner is adequately provided for but feel you have a duty towards, say, children of an earlier marriage, then you may wish to consider giving your partner a "life interest" in your Estate. This restricts the partner's inheritance to the income only of your monetary assets and the use of your home. On the death of your partner the capital will pass to whoever you have specified in your Will.

You should, however, bear in mind that unless the Estate is fairly large, the income may be insufficient to support your partner. The duties of the Executors and Trustees will also be more onerous.
When considering a gift of a life interest, it is very important to remember that the recipient does not own the property in your Residuary Estate and cannot dispose of it in his or her Will. It is important to remember that the prime duty of the Trustees is to keep a fair balance between income for the person getting a life interest and capital growth for those who will be ultimately entitled to your Residuary Estate.