Which type of estate allows for exclusive possession for a lifetime?

A life estate is a type of property ownership that grants an individual the right to possess and use a property for the duration of their lifetime. This means that the person with the life estate can occupy the property and enjoy its benefits exclusively, but their rights cease upon their death. After this point, ownership of the property typically transfers to a predetermined party, known as the remainderman.

This arrangement provides clarity about property rights and future ownership. The life tenant benefits from exclusive possession and is responsible for maintaining the property, while the remainderman has a future interest in the property once the life tenant's rights end.

In contrast, a fee simple estate allows for ownership indefinitely and can be transferred upon the owner’s death, a leasehold pertains to renting property for a specific term without ownership rights, and joint tenancy involves co-ownership with rights of survivorship, which does not provide exclusive possession for a lifetime to one party. Thus, the distinctive aspect of a life estate is the exclusive possession granted for the lifetime of the holder.