In the real estate context, a person who has a possessory right to use real property for the duration of either that person's lifetime, or the lifetime of another person, as specifically designated in a life estate agreement. A life tenant usually has the right to benefit exclusively from owning the real property interest until the life estate expires. For instance, a life tenant can derive income generated by leasing the real property throughout the term of its life estate interest.

In the oil & gas context, the owner of a present possessory estate in land that is limited in time by a measuring life. A life estate is commonly granted or devised for the life of the grantee but can be granted for the life of a third party or reserved by a grantor.

If the minerals are owned in a life estate, a lessor must obtain a lease from both the life tenant and the remainderman to be valid for the life of the well. The instrument creating the life estate or the lease executed by both interest holders typically states how the revenue is divided between the life tenant and the remainderman. If the instruments do not address how royalties, bonus, and delay rentals are to be paid, the allocation may vary by jurisdiction. In many states:

The parties are free to agree on another arrangement for disbursing the funds and often do. If the open mine doctrine exception applies, all royalties, bonuses, and income may belong to the life tenant (Clyde v. Hamilton, 414 S.W.2d 434, 439 (Tex. 1967)).