Which of the following best describes the concept of a legal life estate?

The concept of a legal life estate is best described as ownership that exists only during the lifetime of a specified individual. This arrangement provides the individual certain rights to the property, including the ability to use it and derive benefits from it, but the estate ceases to exist upon their death. Once the individual named in the life estate passes away, the property will pass on to the next designated party, often referred to as the remainderman. This temporary nature of ownership clearly differentiates a life estate from other types of ownership, such as a fee simple estate which is permanent and can be transferred.

The explanation of the other options highlights aspects that do not accurately capture the essence of a legal life estate. For instance, ownership that lasts until the owner's death suggests permanence rather than the specific lifetime limitation. Similarly, the notion of permanent and transferable ownership does not fit with the transient nature of a life estate. Finally, while rights to modify and sell property may exist in some contexts, those rights are limited in a life estate, as the individual cannot sell the property in a way that would extend beyond their lifetime.