Which of the following best describes a life estate?

A life estate is a type of property ownership that is specifically defined as an interest in real property that lasts for the duration of an individual's life. This means that the individual, known as the life tenant, has the right to use and enjoy the property for as long as they are alive. Once the life tenant passes away, the property is transferred to another party, referred to as the remainderman, who retains full rights to the property.

This is distinct from other property interests, such as full ownership, which grants the owner absolute control and an indefinite duration of ownership. Unlike a temporary lease agreement or a property interest for a specific term, a life estate does not have a predetermined end date based on time alone; rather, it is directly tied to the life of the individual. Therefore, the essence of a life estate lies in its limitation and specification concerning the life of the individual, making this choice the most accurate description.