What type of interest does a "life estate" confer on an individual?

A life estate confers an interest that lasts for the lifetime of the designated individual, which in this context means the person who holds the life estate. This type of interest grants the individual the right to use, occupy, and enjoy the property during their lifetime. However, once the individual passes away, the right to the property does not pass to the life estate holder's heirs but instead reverts back to the original grantor or a designated third party, known as the remainderman.

The key characteristic of a life estate is its limitation based on the life of the individual. This distinguishes it from other types of ownership, such as fee simple ownership, which allows for permanent ownership of the property and the ability to transfer title to heirs. Life estates are often used in estate planning to provide for someone’s housing needs while ensuring that the property ultimately passes to a designated beneficiary.