Final answer:
The interest held by Owner A's children, following the life estate of their aunt, is best described as a remainder. This means that once the life estate expires, the property will belong to the children.
Step-by-step explanation:
In his will, Owner A leaves his house to his children subject to a life estate to his sister. The interest held by his children is best described as a remainder.
A life estate is an interest in property that lasts for the lifetime of a specified individual, in this case, Owner A's sister. After the sister's lifetime, the property will pass to the children.
Since the children's interest is contingent upon the sister's life estate, their interest is called a remainder interest specifically because it remains for them after the life estate ends.
In contexts outside of modern statutory law, property law has had various forms. Historical documents show us that inheritance and property rights have long been subjects of human civilization's considerations and legal systems.
For example, ancient codes and practices recognized the right to property and detailed ways in which it could be distributed among heirs or claimed by purchasers.