Describe "life estate."

A life estate is a form of property ownership that is specifically tied to the lifespan of a designated individual, often referred to as the life tenant. The key characteristic of a life estate is that the individual who holds this interest has the right to use and occupy the property during their lifetime. However, upon their death, ownership reverts back to the original grantor or passes to a predetermined third party, known as the remainderman.

This arrangement creates a situation where the life tenant has control and enjoyment of the property, but their ownership is limited to their life span. This distinguishes life estates from other forms of property ownership, which may have no such time constraints. The life tenant cannot sell or transfer the property in a way that would contravene the conditions of the life estate; the property interest will change hands automatically after the individual's death.