What is a life estate in terms of land ownership?

A life estate is a type of property ownership that grants an individual full rights to use and control a property for the duration of their lifetime. This means the owner can live in the property, rent it out, or make improvements as desired while they are alive. However, once the individual passes away, the rights to the property do not transfer to their heirs but rather revert to another party, often referred to as the remainderman.

The reason this option is correct lies in the fundamental nature of a life estate, which is inherently tied to the life of the owner. This distinguishes it from other forms of ownership, like a leasehold or fee simple ownership, which provide different rights and durations. A life estate is specifically limited to the life of the owner, making it a temporary interest that ceases upon their death.