Which term describes an estate that lasts only during the lifetime of a specified person?

The term that describes an estate lasting only during the lifetime of a specified person is a life estate. A life estate is a legal arrangement where an individual, known as the life tenant, has the right to use and occupy a property for the duration of their life. Upon the death of the life tenant, the interest in the property typically passes to another individual or entity, known as the remainderman, or it may revert back to the original grantor, depending on the specific terms established.

This concept inherently focuses on the lifetime of the individual, establishing a clear timeframe that is contingent upon their existence. Life estates are often utilized in estate planning, allowing individuals to provide for beneficiaries while retaining the right to use the property during their lifetime.

In contrast, a term estate refers to a possessory interest in property for a fixed period, such as a leasehold, and does not hinge on someone's life. A leasehold estate involves a tenant renting a property for a specified term, which is different from the rights associated with a life estate. A wraparound estate typically refers to a type of financing arrangement rather than a form of property ownership, making it irrelevant to the definition of an estate based on someone's lifetime.