Life Estate - Explained

A life estate is a limited ownership interest in land, lasting for the duration of a person's life. It can be for the life of the person to whom the property is transferred or another party. If the land returns to the original owner or their heirs after the life estate ends, it's called a reversion interest. If it transfers to a third party, it's a remainder interest.

What is meant by reversion interest in relation to life estates?

Explain the concept of remainder interest in the context of life estates.