Final answer:
A freehold estate created for the duration of the life of certain named individuals is referred to as a life estate. This provides the right to use and enjoy property for the life of the individual, after which it passes to a remainderman or reverts back to the grantor.
Step-by-step explanation:
A freehold estate created for the duration of the life, or lives, of certain named persons is known as a life estate. A life estate is a type of property ownership, typically established through a deed or will, that grants an individual the right to use, occupy, and enjoy a property for the duration of their life or the life of another specified person. This individual is referred to as the life tenant. Upon the death of the life tenant (or specified person), the property either reverts back to the original grantor if stipulated, or passes to a remainderman, who was named in the life estate provision to take full ownership after the life estate ends.
Unlike a leasehold estate, which is a temporary right to occupy land or property, a life estate is considered a form of freehold estate because it is not subject to lease term limits and involves an ownership interest, although it is restricted by the life condition. A life estate differs from a fee simple estate, which is the most complete form of ownership with perpetual duration and no limitations dictated by the lives of specific individuals. Unlike usufruct rights commonly observed in horticultural societies, wherein individuals have rights to use the land but not to sell or own it, those with a life estate have a transferrable interest in the property, albeit bounded by the duration of a life.