A land possessed by an individual until his/her death is known as Life estate and the owner is known as a life tenant.
A life estate is the right to use and possess a property during life. A life estate can only be revoked by the life tenant in writing but it cannot be transferred to their heirs. When the life tenant dies the life estate expires and the fee owners own the land free and clear of the life estate. Also if the Life tenant transfers the property by will, this will remains fixed and cannot be changed.
A right of occupancy is similar however the use of the property is only while the individual is actually occupying the property. Once the owner leaves the property can be sold to another individual or given for charity.
Source: wiki.answers.com
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