What is the correct definition of life estate?

The correct definition of a life estate is an ownership interest limited to the duration of an individual's life. This means that the person holding a life estate has the right to possess and use the property for as long as they are alive. Upon their death, the rights to the property will typically pass to another designated individual or revert back to the original owner or their heirs, which is referred to as the "remainder" interest.

Understanding this definition is crucial in real estate and title insurance, as it affects both the valuation of the property and the rights of the individual holding the life estate. The distinction between a life estate and other types of property interests is significant, particularly in terms of transferability and duration. In contrast, other options like a type of leasehold or a right to future possession do not accurately capture the temporality associated with a life estate, and an inheritance interest suggests a different form of ownership that is not contingent on the lifespan of an individual.