What defines a life estate?

A life estate is a form of property ownership that is defined specifically by the lifetime of an individual. It grants one person the right to use and occupy a property during their lifetime, but the ownership does not extend beyond that person’s life. The property will then pass to another designated individual or back to the original owner’s heirs upon the death of the life tenant. This creates a situation where the life tenant has all the rights to the property for as long as they are alive, which aligns perfectly with the concept of ownership for a lifetime.

Other concepts such as joint ownership between parties or ownership that cannot be transferred do not describe a life estate accurately. Additionally, exclusive ownership typically implies full rights without the limitations found in a life estate, where rights are conditioned upon the life of the owner. The essence of a life estate is its limitation to the lifetime of the individual granted the estate, making "ownership for a lifetime" the definitive characteristic of this type of ownership.