Final answer:
When a life estate is created by the fee simple owner, a remainder interest is simultaneously created. This is a lesser estate that becomes effective once the life estate ends.
Step-by-step explanation:
When a life estate is created by the fee simple owner, a lesser estate known as a remainder interest is simultaneously created. This means that when the fee simple owner grants someone a life estate, they are also granting another person the remainder interest in the property. The remainder interest means that the person will become the owner of the property once the life estate ends.