Which of the following best defines a life estate?

A life estate is defined as an estate that is held for the duration of an individual's life, known as the "life tenant." This means that the person who holds a life estate has the right to use and enjoy the property for as long as they are alive. Once the life tenant passes away, the estate automatically transfers to another individual or entity, referred to as the remainderman.

This structure allows for certain rights and uses of the property to be enjoyed by the life tenant while ensuring that the property will eventually pass to another party upon their death. The life tenant cannot sell or transfer their rights in a way that would last beyond their lifetime, which differentiates life estates from other forms of ownership that could be permanent or freely transferable.

Options like permanent title ownership, which implies indefinite control of the property, or the ability to sell the estate freely do not align with the essence of a life estate, as the ownership is contingent on the life tenant's lifespan. Furthermore, a total relinquishment of property rights contradicts the concept of a life estate since it still grants the life tenant specific rights to the property during their lifetime. Thus, the correct definition of a life estate is indeed one that pertains to the duration of a person's life