What does a life estate grant?

A life estate grants ownership for the lifetime of a specified person. This means that the individual who holds the life estate has the right to use and enjoy the property during their lifetime, but that ownership does not extend beyond their death. After the death of the person who holds the life estate, the property will typically transfer to another party, known as the remainderman, based on the terms outlined in the estate agreement. This kind of arrangement is often used in estate planning to ensure that property is managed and passed on according to specific wishes while providing the life tenant with the benefits of property use during their lifetime.

The other choices do not accurately describe a life estate. For instance, ownership for an indefinite period is more characteristic of a fee simple estate, while transfer of property to multiple owners doesn't align with the concept of a life estate focused on an individual’s lifetime. Ownership with specific conditions might suggest a fee simple subject to condition subsequent or similar arrangements, which also do not define a life estate accurately.