What does a life estate identify regarding property ownership?

A life estate specifically identifies a type of property ownership that is limited to the duration of a specific individual's lifetime. The individual who holds a life estate, known as the life tenant, enjoys the rights of ownership, such as the ability to use the property and derive income from it for as long as they live. Once the life tenant passes away, the ownership interest in the property does not continue indefinitely; instead, it reverts to a designated individual or entity, known as the remainderman. This creates a clear distinction in property rights, as the life tenant's interest terminates with their death, which directly aligns with the definition of a life estate.

Other options describe different forms of property ownership and do not capture the essence of a life estate. For example, shared ownership among multiple parties pertains to joint tenancy or tenancy in common, while indefinite ownership refers to full ownership in fee simple. Lastly, the notion of easy transferability does not apply, as transferring a life estate is subject to specific legal restrictions and conditions, particularly in regard to the life tenant's ongoing rights until their death.