Life Estate

You can live there forever.

When you sign a lease, it might last a few years. Or maybe you're so afraid of commitment that you search out month-to-month agreements. If that's the case, you'd hate a life estate. It's essentially a lifetime lease.

The process is often used for estate planning. By using a life estate, a person can pass property to an heir without including it in their estate.

Your grandma is getting up there in years. She sets up a life estate. Meemaw has rights over the property until she dies. At that point, true ownership passes to you.

Fun fact: in this scenario, you are known as the remainderman...which sounds like the name of a made-for-Netflix horror movie.