Which of the following statements about a life estate is true?

A life estate is indeed defined by the life of a specified person. This means that the duration of the life estate is contingent upon the lifetime of that individual. Once the specified individual passes away, the life estate automatically terminates, and the property reverts to the original grantor or passes to a designated remainder beneficiary. This characteristic is a fundamental aspect of life estates, distinguishing them from other forms of property ownership.

In contrast, a life estate does not last indefinitely without conditions, nor can it extend beyond the life of the owner as it is inherently tied to that person's lifespan. Additionally, the rights associated with a life estate are not equivalent to full ownership rights; the grantee holds the property for their lifetime but cannot sell or transfer it outright, as they do not hold the full fee simple title.