The bill amends Chapter 34-4 of the General Laws by adding a new section, 34-4-2.2, which defines the apportionment of financial responsibilities for expenses and improvements related to life estates between the life tenant and the remainderman. It establishes key definitions, including "remainderman" as the holder of the remainder interest after the expiration of a tenant's estate in property, and "tenant" as the holder of an estate for life.

The bill specifies that if a trust has not been created, expenses shall be apportioned as follows: the tenant is responsible for ordinary expenses related to property administration, management, and preservation, including interest on secured debts, ordinary repairs, recurring taxes, insurance premiums, and certain other costs. Conversely, the remainderman is responsible for payments on the principal of secured debts, expenses related to title matters, and environmental costs.

For extraordinary repairs, if either party incurs expenses for their own benefit without the other's consent, they must cover those costs fully. For improvements that add value to the property, the tenant pays for those expected to last only for their estate's duration, while the remainder is paid by the remainderman. The bill clarifies that it does not apply if inconsistent with existing agreements or laws, and that common law principles regarding tenants and remaindermen will supplement this section unless modified by the new law. The act will take effect upon passage.