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

The correct answer is characterized as a life estate pur autre vie, which is a form of life estate where the duration of ownership is based not on the life of the owner, but rather on the life of another designated individual. In this type of arrangement, the holder of the life estate enjoys the rights to use and benefit from the property during the lifetimes of the specified party, and when that individual passes away, ownership of the property reverts back to the original grantor or their heirs.

This type of ownership ensures that the property is used and maintained during the designated individual's lifetime, which can have implications for estate planning and the distribution of property wealth. It provides a way for individuals to ensure that certain benefits are provided to another person throughout their lifetime without transferring complete ownership rights.

In contrast, an estate for years refers to a leasehold interest with a fixed term, while a fee simple estate signifies complete ownership of a property with no time limitation. Joint tenancy describes a form of property co-ownership where two or more parties hold equal interests, with rights of survivorship. These distinctions illustrate the unique nature of a life estate pur autre vie that emphasizes the temporality of ownership as linked specifically to another person’s lifespan.