What is a life estate?

A life estate is an ownership interest in real property that is limited to the duration of a specific individual's life. This means that the person who holds the life estate (the life tenant) has the right to use, enjoy, and benefit from the property for as long as they are alive. Upon their death, the ownership of the property does not pass on to the life tenant's heirs; instead, it typically reverts to the original grantor or passes to another designated party, known as the remainderman. This type of ownership does not confer the right to sell the property or rent it out in a way that might be permanent, since the life tenant's interest ends with their life.

By understanding this definition, it becomes clear why the option regarding ownership limited to the duration of an individual's lifetime is the correct explanation of a life estate. The other options describe different types of ownership or property interests that do not accurately reflect the fundamental characteristics of a life estate.