What type of property interest is granted for the life of an individual?

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A life estate is a type of property interest that is specifically granted to an individual for the duration of their life. This means that the individual, known as the life tenant, has the right to use and derive benefits from the property during their lifetime. Once the life tenant passes away, the property interest does not transfer to their heirs but instead reverts to the original grantor or passes to a designated third party, known as the remainderman.

This makes life estates unique in that they provide a limited duration of ownership, unlike fee simple absolute, which conveys complete ownership with no conditions or time limitations, and fee simple conditional, which is subject to certain conditions or terms that must be met. Leasehold estates are also distinct as they involve a tenant's rights to occupy property under a lease agreement, which does not inherently relate to the life of an individual. Understanding life estates is crucial in real estate, particularly in estate planning and property law contexts, as they dictate how properties can be owned and transferred.

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