The bill amends Chapter 34-4 of the General Laws, introducing a new section titled "34-4-2.2. Life estates -- Apportionment of expenses and improvements." This section defines key terms such as "remainderman" and "tenant," and outlines the financial responsibilities for expenses related to the management and improvement of real property held under a life estate. Specifically, it stipulates that ordinary expenses, such as maintenance and insurance, are to be paid by the tenant, while the remainderman is responsible for principal payments on secured debts and expenses related to title and environmental matters. Extraordinary repair costs are allocated based on the benefit to each party's estate, with specific calculations for determining the tenant's share.

Additionally, the bill clarifies that the provisions do not apply if they conflict with the original estate instrument or agreements between the parties. It also states that common law regarding tenants and remaindermen will still apply unless modified by this new section or other laws. The act is set to take effect upon passage.