Janice’s life tenant, Jacob, is currently living on her property.

When a life estate is measured by the life of a life tenant (Jacob) and the grantor (Janice) specifies that, upon the life tenant’s death, the property passes to a third party, that third party holds a remainder interest (a present, non-possessory future interest). If the property were set to return to the grantor instead, the grantor would hold a reversionary interest.