Any estate in real or personal property which is limited in duration to the life of its owner or some other designated person. Although classified as a freehold estate (since it is a possessory estate of indefinite duration), a life estate is not an estate of inheritance. A life estate is terminated by the death of the person whose existence is the measuring life. No probate proceeding is necessary to establish title in the remainder man. If the life tenant acquires the Fee simple title to the property, the life estate is terminated by merger.