What type of estate automatically terminates upon the death of a specified person?

The type of estate that automatically terminates upon the death of a specified person is the life estate. In real estate, a life estate is a legal arrangement where one party, known as the life tenant, has the right to use and benefit from a property during their lifetime. However, this right is contingent on the life of a specific individual. When that individual passes away, the life estate ends, and the property generally reverts back to the original grantor or passes to another designated party as outlined in the terms of the estate.

This characteristic is what distinguishes a life estate from other types of estates, such as leasehold estates, which can exist for a specified term and are not dependent on the life of a specific person. Similarly, qualified fee and fee simple absolute estates do not automatically terminate upon the death of an individual, as they do not have the same restrictive conditions linked to a person's life.

Understanding life estates is essential in real estate as they represent a unique form of property interest that is tied directly to human life, influencing ownership rights, inheritance issues, and estate planning.