What is characterized by ownership lasting only for the duration of a designated party's lifetime?

The concept described where ownership lasts only for the duration of a designated party's lifetime is known as a life estate pur autre vie. This type of estate is established for the lifetime of a person other than the life tenant, allowing the life tenant to possess and use the property until that designated person's death.

In practical terms, life estates are significant in estate planning and property management because they delineate clear boundaries regarding property rights. The life tenant has the right to enjoy the property and derive benefits from it, such as rental income, but their ownership is not permanent; it expires once the specified person's life concludes. Upon that death, the property typically reverts to the original grantor or goes to another predetermined party, known as the remainderman.

Understanding this concept is crucial in real estate and estate law because it directly impacts how property can be utilized and transferred over time.