Who actually owns the property in a life estate arrangement?

In a life estate arrangement, the property is owned by the life tenant during their lifetime. The life tenant has the right to use and control the property, and they can benefit from it, but they do not have full ownership in the sense that they cannot sell or mortgage the property without the consent of the remainderman. The remainderman is the person who will receive the property once the life tenant passes away.

The term "naked owner" refers to the fact that the remainderman has a future interest in the property but does not have the right to possess or use it until the life tenant's interest ends. Therefore, the naked owner does not own the property in a practical sense during the life of the life tenant.

The grantor is the person who creates the life estate by transferring their interest in the property, but once the life estate is established, they do not retain ownership. Hence, the life tenant is the one who has rights to the property for their lifetime, which is why this option is not suitable in terms of ownership in the strictest sense of the question.