What type of estate only exists during the lifetime of a real and existing person?

A life estate is a type of estate in real property that is limited to the duration of a specific individual's life. In this arrangement, the holder of the life estate (the life tenant) has the right to possess and use the property during their lifetime. Once the life tenant passes away, the interest in the property does not go to the life tenant's heirs but instead reverts to the original grantor or passes to a designated remainderman.

This characteristic of being tied to the life of a specific person is what distinguishes a life estate from other forms of property ownership. For example, a fee simple estate provides full ownership rights and does not terminate upon the death of the owner, while a fee simple conditional estate includes conditions that could lead to reversion based on certain events but is still not limited by the lifespan of a person. An estate for years involves a fixed term for leasing or rental purposes but does not relate to the life of the tenant.

Understanding these definitions helps clarify why the life estate is uniquely tied to the duration of a person's life, making it the correct answer to the question about the type of estate that exists only during the lifetime of a real and existing person.