Which type of interest does a person who has a life estate have?

A person who holds a life estate possesses a temporary interest in the property. This type of interest is limited to the duration of the individual's life. Once the individual passes away, the property reverts back to the original grantor or passes to another designated party, known as the remainderman. This duration of ownership distinguishes a life estate from full ownership, where an owner has complete control over the property indefinitely.

In contrast, joint interests typically involve shared ownership between two or more parties who have equal rights to the property. Full ownership would confer perpetual rights, and future interest would pertain to a right to property ownership that will begin at a future date, either after a condition is met or after a specified time period. Life estates are specifically designed to be temporary, highlighting the holder's limited rights based on their life span.