A grant of an interest in land for the lifetime of an individual is called what?

A grant of an interest in land for the lifetime of an individual is known as a Life Estate. This legal arrangement allows the individual, often referred to as the life tenant, to use and benefit from the property during their lifetime. Upon the death of the life tenant, the property typically reverts back to the original grantor or passes to another designated party, known as the remainderman. This structure ensures that the life tenant has rights to the property while also eventually transitioning ownership.

In contrast, a Leasehold Estate involves renting or leasing property for a specified period, and does not grant ownership rights. Fee Simple refers to the most complete form of property ownership, which is inheritable and does not have a time limitation based on an individual's life. Tenancy at Will offers a more temporary arrangement that can be terminated by either party with reasonable notice, lacking the permanency and rights associated with a Life Estate. The distinct nature and implications of a Life Estate make it critical in legal and real estate practices.