What is defined as an interest in property limited to the lifetime of its owner or another designated person?

A life estate is defined as an interest in property that is limited to the lifetime of its owner or another designated person. This means that the individual holding the life estate has the right to use and enjoy the property, but their rights terminate upon their death or the death of the designated person. After this point, ownership of the property reverts to another party, often designated in the original conveyance of the property. This legal structure is significant in property law, as it allows for the division of rights in the property across different parties and ensures that the property passes to the next owner without needing to go through probate.

In contrast, the other options describe different property interests. For instance, a joint tenant refers to a type of co-ownership in which two or more individuals hold property together, typically with rights of survivorship. Reversion describes a situation in which property returns to the original owner after a life estate or another interest ends. A servient estate refers to a property that is burdened by a servitude, such as an easement, granting the right to another party to use the property in a specific way. Each of these concepts is crucial for understanding different facets of property law, but only the life estate accurately describes the type of interest