What it means
A life interest gives a person (the life tenant) the right to use or receive income from an asset during their lifetime, while ownership ultimately passes to other beneficiaries (the remaindermen) on their death. It is commonly used in wills to allow a surviving spouse to live in the family home while preserving the asset for children. Life interests carry obligations, such as maintaining the property and paying rates. A simpler 'right to reside' is sometimes used as an alternative across Australian jurisdictions.
How it's used
His will gave his second wife a life interest in the home, with the property passing to his children after her death.