Which of the following describes a life estate?

A life estate is a form of property ownership in which an individual holds the title to the property for the duration of their life. This means that the person who possesses a 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 ownership does not revert back to them or their estate; instead, it typically transfers to a pre-determined third party or remainderman, as specified in the arrangement.

This understanding of a life estate distinguishes it from other types of ownership arrangements, such as a fixed term lease which lasts for a specific duration, or a transfer of ownership that might involve a third party but does not incorporate the lifetime limitation inherent in a life estate. Furthermore, while a life tenant may have the right to use and enjoy the property, their interest is inherently tied to their life, making it non-transferable in the conventional sense—meaning they cannot sell their life estate to someone else. However, they may have the ability to transfer their interest conditionally through restrictions, such as designating a beneficiary for the property upon their death.