Final answer:
The ultimate owner of a life estate is called the remainderman. A life estate grants a lifetime right to use and enjoy a property, with ownership passing to the remainderman upon the death of the life tenant.
Step-by-step explanation:
The ultimate owner of a life estate is called the remainderman.
A life estate is a type of property ownership that gives an individual, known as the life tenant, the right to use and enjoy the property during their lifetime. Upon the death of the life tenant, the ownership of the property passes to the remainderman.
For example, if John grants a life estate to Mary, Mary is the life tenant and has the right to live in the property. However, upon Mary's death, the property will pass to the remainderman, who is typically designated in the original deed or will.