What is a life estate in real property?

A life estate in real property refers to an ownership interest that allows an individual to use and occupy a property for the duration of their lifetime. This means that the individual, known as the life tenant, has the right to possess and benefit from the property as long as they are alive. Once that individual passes away, the ownership of the property typically transfers to another designated individual or entity, known as the remainderman. This arrangement ensures that the rights to the property are closely tied to the life of the life tenant in question.

The other potential choices do not accurately capture the nature of a life estate. Indefinite and transferable ownership does not apply, as life estates are inherently limited to the lifespan of the life tenant. A type of lease agreement is not reflective of a life estate, which is a form of ownership rather than a rental arrangement. Lastly, property ownership shared with multiple individuals describes joint ownership or tenancy in common, which is distinct from the concept of a life estate.