What type of interest exists only for the duration of a person's life?

A life estate is a type of property interest that is limited to the duration of an individual's life. In a life estate, the person holding the interest, known as the life tenant, has the right to use and control the property during their lifetime. Upon the death of the life tenant, the property automatically transfers to another party known as the remainderman or goes back to the original grantor. This arrangement creates a clear distinction between possession during a person's life and the future interest that follows.

In contrast, fee simple represents the most absolute ownership interest in property, incorporating rights that exist indefinitely and can be transferred or inherited without limitation. A leasehold estate, on the other hand, refers to a tenant's temporary right to occupy a property that is owned by another individual, typically defined by the term of the lease rather than a person's lifespan. Life interest is often used interchangeably with life estate but may lack the specific legal implications that a life estate carries regarding the transfer of rights upon death. Thus, the life estate is specifically characterized by its dependence on the life of the individual, making it the correct choice for this question.