What is the nature of an estate that allows possession and control for someone's lifetime, but is lost upon death?

The correct answer is life estate. A life estate is a type of property interest that grants an individual the right to possess and control a property for the duration of their lifetime. This means that while the individual is alive, they can use the property, make improvements to it, and benefit from any income it generates. However, the key characteristic of a life estate is that the property interest automatically ends upon the death of the individual holding the life estate. After their death, the property typically reverts to the original owner or passes to a designated remainderman, as specified in the terms of the life estate.

The other options describe different forms of property ownership or interests but do not fit the definition of an estate that lasts for a person's lifetime and is lost upon their death. Joint tenancy involves shared ownership of property with rights of survivorship, meaning the property is automatically transferred to the surviving joint tenants upon the death of one owner, rather than being lost. Tenancy in common allows for multiple owners to hold separate interests in a property, which do not terminate with the death of an owner, as their shares can be passed to heirs. Fee simple conditional refers to an estate that may end upon the occurrence of a specified event, but it is not