Which of the following best describes a "life estate"?

A life estate is a type of property interest that is granted for the duration of a designated person's life, often referred to as the "life tenant." This means that the individual can use, manage, and benefit from the property for as long as they are alive. Once the life tenant passes away, the property is typically transferred to another party, known as the remainderman, who holds an interest in the property after the life estate ends.

In this context, the other options do not accurately describe a life estate. For example, an ownership interest without limitations refers to fee simple ownership, which allows full control and transferability of property rights without limitations. A lease that can be renewed indefinitely describes a rental arrangement rather than a property interest grounded in the lifetime of a specific individual. A property encumbered by significant debt relates to financial obligations attached to the property rather than the nature of ownership or use associated with a life estate.