What type of estate is intentionally created by the owner during their lifetime or through a will?

The type of estate that is intentionally created by the owner during their lifetime or through a will is a conventional life estate. This legal arrangement allows the owner, known as the life tenant, to possess and use the property for the duration of their life. Upon the death of the life tenant, the rights to the property typically revert back to the original owner or are passed on to a designated remainderman, as specified in the estate's terms.

This distinguishes the conventional life estate from other types of estates. A life estate, on its own, may refer to the general concept without specifying the conventional aspects that often entail specific conditions and restrictions. A leasehold estate is a temporary right to occupy property, typically created through a lease agreement, and does not involve ownership. A beneficiary estate is not a recognized standard estate type in real estate terminology but rather implies a transfer of rights or interests to a beneficiary through a will or trust.

Understanding how a conventional life estate functions is crucial, as it highlights the owner’s intention to control the property use during their lifetime while also planning for its future disposition, illustrating an important aspect of property law.