What best describes the interests of the holder of a life estate?

The interests of the holder of a life estate are best described by possession, use, and ownership, albeit in a limited capacity. A life estate grants the holder the right to occupy and use the property during their lifetime. This means they can live in the property, make changes to it, and benefit from it, but their ownership is inherently tied to their life. Once the holder passes away, the life estate terminates, and the property interest reverts to the grantor or passes to a designated third party known as the remainderman.

Possession and use are crucial aspects of a life estate, as the holder has the right to enjoy the property while they are alive. However, this interest does not equate to full ownership, as the life tenant cannot sell or mortgage the property without the agreement of the remainderman. The life estate defines a unique form of ownership that is temporary and contingent on the life span of the holder, emphasizing the limited ownership characteristic effectively captured in this context.