Which type of estate allows a property owner to grant their estate for the duration of another person's life?

A life estate is a specific type of estate in real property that allows the property owner to grant the use and control of the property for the duration of an individual's life. This means that the individual receiving the life estate holds the property and enjoys all rights associated with it as long as they are alive. Upon their death, ownership reverts back to the original owner or passes to another specified party, known as the remainderman.

The fundamental aspect of a life estate is its temporary nature, tied directly to the life of the individual granted the estate. This provides flexibility in property management and can be used for various estate planning strategies, allowing property owners to maintain some control over their property after they transfer it.

The other types of estates mentioned do not share this characteristic. For instance, a fee simple absolute represents complete ownership of a property without any limitations, which does not involve any time constraints based on the life of another person. Tenancy in common allows multiple individuals to own a property together, but again, this does not restrict ownership to the life of a single individual. Periodic tenancy refers to lease agreements that roll over from one period to the next but does not convey ownership in the same way a life estate does.