Which type of estate typically conveys ownership interests for the duration of a person’s life?

The type of estate that conveys ownership interests for the duration of a person’s life is a life estate. A life estate is specifically designed to grant an individual the rights to use and control a property for their lifetime. Upon the death of the individual holding the life estate, ownership of the property will typically revert to a predetermined party or a remainderman, as outlined in the deed creating the life estate.

This ownership structure differs significantly from other estate types. For instance, a freehold estate grants ownership for an unspecified duration, providing the owner with full rights of ownership, while a leasehold estate pertains to rental agreements for a specific period and does not confer ownership. Additionally, a fee tail estate is a form of inheritable estate that limits the inheritance to specific heirs and is not contingent on the life of an individual.

Understanding the nuances among these various types of estates is essential, especially when considering how property rights can be transferred or revert under different circumstances.