Which type of estate provides ownership for the duration of a person’s lifetime?

A life estate is a type of ownership interest in real property that is limited to the duration of a specific individual's life. This means that the individual who holds the life estate, known as the life tenant, has the right to use and benefit from the property during their lifetime. Once the life tenant passes away, the property does not become part of their estate but instead reverts to the original grantor or passes to another designated party known as the remainder beneficiary.

This type of estate is important because it allows for the division of interests in the property. The life tenant has the right to live in and utilize the property, but they cannot sell or transfer full ownership because their interest is inherently tied to their life span. This arrangement can be beneficial in estate planning, allowing individuals to provide for their heirs while still retaining a measure of control during their lifetime.

In contrast, a freehold estate represents ownership of real property that is of indefinite duration, which does not fit the time limitation of a person's lifetime. A leasehold estate provides a tenant the right to occupy property for a specified term, not tied to a single individual's lifetime. Future interest estate refers to an interest that will become possessory in the future, also not limited to the life of an