A life estate conveys ownership for which duration?

A life estate is a form of property ownership that is granted for the duration of an individual's life. This means that the person holding the life estate has the right to use and enjoy the property during their lifetime. At the end of their life, the ownership of the property does not pass to their heirs; instead, it generally reverts back to the original grantor or passes to a third party specified in the life estate agreement. Therefore, the correct understanding of a life estate is that it provides ownership rights specifically for the life of the current holder, confirming that ownership is indeed for life.

Other concepts related to life estates, such as reversionary interests or leaseholds, do not represent the full scope of what a life estate conveys, as they either look at the rights of future interest holders or relate to rental agreements rather than ownership duration tied to the life of an individual.