It sounds as if your aunt set up a trust in her will by which she left an asset to your father (the life tenant) for his lifetime and after his death to you (the remainderman). People generally set up this kind of trust to ensure that a particular asset such as a house will pass to an ultimate beneficiary of their choice; it is a common device used where a couple have children from a previous relationship and while they want to ensure that their new spouse has the security of a home for life, they wish to control the ultimate destination of the gift ie to their own children. Your father will be entitled to the income the asset produces during his lifetime and you will then receive the asset itself after his death.